Oil Hits 7-Week High On Strong Demand In China

Oil prices held near 7-week highs on Tuesday morning, with strong demand figures from China fueling optimism in the markets.Chart of the WeekInflux of Russian Crude Cools Down Asian Oil Prices- In less than two weeks, the EU’s embargo on products imports from Russia is set to kick in, and despite a declining trend, Russian diesel deliveries to the EU are still some 450,000 b/d strong. - A diesel price spike seems almost inevitable as middle distillate inventories in OECD Europe remain some 30 million barrels below the 5-year average…