As headline oil prices edge ever closer to $90 a barrel, there’s little sign of a let up in the day-to-day demand that’s underpinned the rally.
Across the global market, record crude demand has driven up the premiums that traders pay to get cargoes.
The differentials for spot cargoes from the Middle East have surged in the past several days as buyers in China snap up supplies. In the North Sea, a vital trading window has seen a spate of bidding, while Asian buyers have also bought millions of barrels of US crude. Those are all signs that the latest cycle is off to a strong start, even as crude prices hit six-month highs last week.
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