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China Willing To Pay More For Crude As Trade War Bites
China’s imposition of tariffs on U.S. crude oil signals its willingness to suffer more pain in the trade war than analysts may have expected. That’s according to a Bank of America analyst who spoke to CNBC. “They’re hurting themselves on the domestic front by making it more difficult for domestic refineries to make money. They’re hurting themselves on the international front by making their refineries less competitive,” said BofA’s head of commodities and derivatives research, Francisco Blanch. Blanch's remarks refer to wide expectations for greater demand for light sweet crude, which is the primary ... (full story)