Saudi Arabia’s crude sales to top importer China for loading in March rose after the kingdom cut the price of its main oil grade for buyers in Asia to the lowest level in more than five years.
A niche but crucial part of the oil market is being rocked by a huge bet from a South Korean tycoon who has amassed a large share of the tanker market, with help from one of the industry’s wealthiest men.
Oil was little changed at the start of the week, as traders monitored geopolitical risk before talks between the US and Iran are expected to resume on Tuesday.
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