The Price Of Heavy Crude Oil Is Climbing ...Middle East

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The Price Of Heavy Crude Oil Is Climbing
A new Chinese refinery is pushing the price of heavy crude oil higher after a prolonged period of depression. Heavy crude has traditionally traded at an often significant discount to lighter and sweeter grades but now producers of the heavy varieties of oil are set to see some higher prices as PetroChina starts up a new refinery, Bloomberg reports. Originally designed to work with Venezuelan crude, the new refinery will now be using heavy crude from Colombia, Ecuador, and Canada for its operations, the report noted, citing unnamed sources. According…

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