Oil Extends Rebound as China Prepares to Buy for Reserves

(Bloomberg) — Oil futures rose more than 12% as China planned to start buying up cheap crude for its strategic reserves, adding to a growing risk appetite across financial markets that’s propelling prices higher. Futures extended gains as Beijing instructed government agencies to start filling state stockpiles to take advantage of crude’s 60% crash this year. China’s move comes as the physical crude market shows deepening signs of strain as supply explodes and demand collapses.Dated Brent, the benchmark for two-thirds of the world’s physical oil supply, was assessed at $15.135 on Wednesday, the lowest level since at least 1999. Across …read more

Source:: Yahoo Finance


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