China swoops in on Canadian oil that's USD 50 below US crude

Chinese oil buyers are being tempted across the border to Canada where oil prices are 60 percent cheaper than U.S. benchmark West Texas Intermediate and global marker Brent.

Photo: Hasan Jamali/AP

Chinese oil buyers are making a beeline for a bargain across the Pacific.

With Canadian oil over 60 percent cheaper than US benchmark West Texas Intermediate and global marker Brent, China's refiners are being lured to the heavy, sludgy crude. That is because – apart from being a source of fuel – it is rich in bitumen, a black residue used to build everything from roads to runways and roofs.

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