China demand drives Singapore oil storage sales to 11-month peak
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Singapore
CRUDE oil sales from storage tanks around Singapore rose to an 11-month high in March, with nearly half of the volumes going to China and traders clearing inventories ahead of record shipments to Asia expected to arrive in April.
Traders sold a total of 22.6 million barrels of crude from storage in Singapore, southern Malaysia and northern Indonesia in March, Thomson Reuters Eikon trade data showed. Around half of the volumes went to China, partly to help quench the still-growing demand from the country's independent refiners.
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