China's refiners lifted their processing rates in July, but strong crude oil imports and domestic output meant there was still a surplus of more than half a million barrels per day (bpd) available for storage.

U.S. Treasury Secretary Scott Bessent acknowledges China's position on oil purchases but suggests an overall trade deal remains likely.

Chinese refiners are asking for less oil from Saudi Arabia, with the drop possibly pointing to a reshuffle of global flows as more Russian crude becomes available, according to Energy Aspects Ltd.

Trump met Putin in Alaska on Friday and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first.

Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers.

Treasury Secretary Scott Bessent said China’s dependence on Iranian and Russian oil is a key issue in upcoming trade talks.

WASHINGTON: US president Donald Trump says he does not immediately need to consider retaliatory tariffs on countries such as China for buying Russian oil but might have to "in two or three weeks".

China's Zhenhua Oil is set to double its oil offtake from Abu Dhabi National Oil Co to 200,000 barrels per day after taking on a new role leading development of one of the exporter's top oilfields, three Chinese industry sources said.

CNPC-linked CPECC has secured a major $2.5B contract tied to the CSSP, raising questions about China’s long-term takeover ambitions.