Middle East Oil Prices Soar Amid Chinese Trading Frenzy

At a time when global recession concerns have depressed global oil prices to pre-Ukraine war levels, prices of Middle Eastern oil have skyrocketed on soaring demand from Asian refiners in China to Japan as the market takes stock of heavy trading by the industry’s biggest names this month. According to Bloomberg, spot differentials for August-loading Oman crude have jumped to more than $2 a barrel against the Dubai benchmark as of Wednesday, compared with 60-70 cents last week; premiums for Abu Dhabi’s Murban grade also rose – it’s…