ESPO Crude Price Surges Past $120/Barrel Amid Chinese Demand Boost

The price of Russia's ESPO Blend crude has surpassed $120 per barrel for the first time since April, according to Reuters.

This increase in demand is largely driven by Chinese refineries, which are purchasing more Russian oil amid supply disruptions from other sources, particularly Saudi Arabia.

With concerns growing ahead of the winter season, when heating fuel demand typically rises in China, buyers are locking in delivery schedules for December well ahead of time.