China Stocks Up On Oil Despite Surging Prices And U.S. Call For Crude Release

Despite rallying oil prices this year, China has been stocking up on crude oil, ignoring U.S. calls for a global coordinated release from strategic reserves, Reuters reported on Friday, citing traders and industry data. China accelerated its purchases of crude immediately after Vladimir Putin met with Chinese President Xi Jinping in Beijing early this month, two oil trading sources told Reuters.

Trading sources told Reuters they were not aware of whether China knew about the Russian invasion of Ukraine that took place earlier this week, sending…