Iran’s crude oil reserves have increased off the coast of Malaysia, attributed to a decline in Chinese demand. These cargoes are now offered at a discount of $5 below ICE Brent futures, compared to $2.50 two weeks ago. The weak demand from Chinese teapot refiners is impacting global oil trade. The probability of crude oil reaching a new all-time high by September 30 is now estimated at 5.8%, down from 6% last week.
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