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US Crude Oil Exports to CN Expected to Drop to Near Zero
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The flow of US crude oil to China dropped to virtually zero amid the escalating trade war between the US and China, according to Bloomberg. China's 84% tariff on US goods nearly doubled the cost of US crude oil, which would be US$51 per barrel more expensive if New York oil futures are at US$61 per barrel, making it not cost effective for Chinese refineries to use US crude oil, Ivan Mathews, Head of APAC Analysis at Vortexa, said. AAStocks Financial News |
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