Asian Crude Demand Gives Oil Markets Hope

While oil demand in Europe and the United States continues to disappoint, refiners in Asia are racing to procure crude from around the world, giving the oil market some hope that at least in one region, demand is strengthening in the fourth quarter. Lower term supplies from major OPEC producers due to the OPEC+ cuts, new import quotas for independent refiners in China, and strengthening fuel demand in India have all combined to create a bidding war for crude grades from all around the world going to Asia at the beginning of 2021, traders have told…