Shanghai Oil On Par With US Market As Local Traders Bet On Lower Prices
Furthermore, selling pressure from China's large state-owned oil companies, who are the primary crude buyers for the country, could explain the recent decline in prices.
"China is the world's biggest crude oil importer, so why wouldn't they offer the market down?" said Matt Stanley, fuel broker at Freight Investor Services (FIS) in Dubai.
"If the idea of a local Chinese benchmark in local currency is to ensure China is paying 'fair value' for crude, then why would it be high?"
($1 = 6.2880 Chinese yuan renminbi)
(Reporting by Josephine Mason and Meng Meng in BEIJING and Henning Gloystein in SINGAPORE editing by Kenneth Maxwell and Christian Schmollinger)
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