Asian Oil Buying Spree Sends Dubai Crude Toward $100

Stronger appetite for Middle Eastern crude grades from China and India has added upward pressure on prices for these grades, pushing the Dubai futures close to $100 per barrel, Bloomberg reported today, citing unnamed traders. Demand for Middle Eastern oil is especially strong from refining majors such as Indian Oil Corp. and PetroChina, as well as refiners in South Korea and Japan, the report said. This is despite the latest escalation between the United States and Iran, with Saudi Arabia’s oil exports dropping to the lowest since 2017,…