The firmer prices partly reverse the declines earlier in the week, which were triggered by announcements that the US would hike import tariffs on Chinese goods
Singapore — Oil prices rose on Wednesday as US sanctions against crude exporters Iran and Venezuela as well as supply cuts by producers have left markets relatively tight just as crude imports to China rose to a record for April.
China’s crude oil imports in April rose a record for the month of 10.64-million barrels a day, according to data from the Chinese General Administration of Customs released on Wednesday. That is an 11% rise from the same month in 2018. The country is the world’s largest oil importer. Opec is due to meet in June at its headquarters in Vienna, Austria, to decide its output policy for the rest of the year.
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