MNI Oil Weekly: China Reluctance Pressures Crude

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 Executive Summary:

• China Reluctance Pressures Crude: Chinese refiners have shown reluctance towards Russian barrels, Iranian floating is building, and Saudi allocations are slipping as Chinese refiners await import quota allocations.
• Oil Market: Brent comes under midweek pressure but remains within a $62.8/bbl to $65.3/bbl range this month, weighing excess oil supply against uncertainty over the impact of the latest sanctions on Russia. Oil products crack spreads are seeing support from ongoing Ukrainian attacks on Russian refineries, amid already tight markets, taking diesel spreads to the highest since 2023.
• Analyst Views: See oil market outlooks and views by key names in industry.