China's Refinery Data Boosts Crude Oil Prices and Extends Gains.
TL;DR Summary
Oil prices rose by 3% to reach a one-week high due to a weaker US dollar and a significant surge in refinery runs in China, the world's top crude oil importer. The gasoline crack spread in the US reached its highest level since July 2022, indicating strong demand for gasoline relative to the cost of crude oil. China's oil refinery throughput increased by 15.4% YoY in May, reaching its second-highest level on record, boosting oil demand.
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