Chinese Buyers Ramp Up Crude Oil Purchases

After several months of slowdowns in spot market oil cargo buys, Chinese importers are once again boosting their purchases, Reuters reports, citing traders and analysts. Lockdowns in response to the latest resurgence of Covid-19 were one reason for the slowdown in Chinese spot market oil purchases. Another was a shortage of import quotas as the government clamped down on independent refiners. Now, however, lockdowns are being eased as the spread of the coronavirus appears to be contained. Regarding the government's displeasure with independent…