A rally in the physical oil market is losing steam as Asian refiners ease purchases after an earlier-than-usual buying spree. Many processors in the region have almost fulfilled their needs for spot oil cargoes that will be mostly loaded in January and February, according to traders. Asian demand had driven up the price of physical crude everywhere from the Middle East to Russia and Latin America, with some independent Chinese refiners snapping up oil early in the month to secure supply. A Gulf grade was last week sold in the Asian spot market below its official price for the first time since August, with Total SE also offering the grade at a discount on S&P Global Platts’ electronic platfo
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