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China Tariffs on US Oil Come as Exports Have Slumped From Peak
The first round of Chinese sanctions to hit US oil were received with a whimper, and traders are speculating that the move is unlikely to rattle American exports of crude. After China hit crude purchases from the US with 10% retaliatory tariffs, the futures market took an initial dip — but most of those losses have already been recovered. The reason for the lackluster response is that US oil exports to China have recently taken a backseat to other buyers that are snapping up more barrels. Last year, China imported close to 180,000 barrels of US oil a day, accounting for less than 5% of America’s total oil ... (full story)