Oil Traders Zero In on China’s Crude Buying as Glut Gets Closer

As the oil market moves closer to a long-anticipated glut, traders are closely watching buying from China to see if it will absorb an excess that the world’s crude producing nations are set to pump.

Earlier this year, China piled into the crude market to snap up millions of barrels, including some that went into its strategic storage. The build up has since slowed down as the nation’s domestic demand picked up, but with expectations that Beijing will continue to amass barrels, its next steps are seen as critical.