Chinaoil, the trading unit of China National Petroleum Corp., has bought 9.5 million barrels of oil to date in April, marking the unit’s largest buying spree on the spot market since October, The Wall Street Journal reported, citing Singapore-based traders. With half of April left, Chinaoil could yet surpass China’s monthly purchasing record set during last fall’s binge of 23.5 million barrels. The trading of oil on the spot market is usually done in private, but Chinaoil’s use of an “e-window” mechanism operated by commodities price-reporting company Platts makes the prices public.
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