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Investing.com -- Russian ESPO Blend crude oil premiums for late July and early August deliveries to China have maintained stable levels compared to earlier July shipments, according to a Reuters report on Tuesday.
The premium over ICE Brent remained above $2 per barrel, supported by strong Chinese buying interest and healthy refining margins. This stability comes despite increased competition from Iranian oil supplies.
Chinese imports of Iranian oil reached more than 1.8 million barrels per day in June, according to Vortexa data. The surge resulted from shippers accelerating deliveries ahead of last month’s 12-day Iran war and increased demand from independent refineries.
ESPO Blend oil loadings for July are scheduled at 4 million metric tons (approximately 970,000 barrels per day), representing an increase from June’s 3.6 million tons.
The report noted that an expected decline in exports of Russia’s Sokol oil grade to China during July-August, due to refinery maintenance, could provide additional support for ESPO prices.
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