West Texas Intermediate, the US marker, is $3.21 a barrel below Middle East benchmark Dubai. "Brent is pricing in the idea that all the risk to supplies is overseas - there's a concern that all the supplies that are tight in Europe are only going to get tighter".
Moreover, in a monthly oil market report released Monday, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand in 2018, expecting the world to consume 98.85 million barrels a day, or 1.65 million barrels a day higher than a year ago.More news: When does the Premier League transfer window open and close?
Elsewhere, supply concerns have been mounting over the last week after President Donald Trump the U.S. pulled out of the Iran nuclear deal - a move that reimposes sanctions on Iranian barrels.
Refinery runs in March also jumped to a record as import quotas for the small independent refiners-the so-called "teapots"-were increased and refinery margins stayed healthy".
World supply, meanwhile, rose 1.78 million bpd in April from a year earlier, driven predominantly by non-OPEC production.
On the other hand, USA production is growing at a pace that made traders hesitate last week after Baker Hughes reported yet another increase in drilling rigs.More news: Stephen Piscotty to honor late mother with special gesture following HRs
Oil inventories in the world's richest nations, the most transparent and easy to track, have now fallen 1 million barrels below the five-year average, the level targeted by the Organization of the Petroleum Exporting Countries and its partners, as the group restrains crude output for a second year. As the dollar strengthens, investors can retreat from dollar-denominated commodities like oil.
Still, "we don't expect China to reduce its imports of crude from Iran given their long-term signed contracts and the ability to pay in yuan", said Abhishek Deshpande, the head of oil market research & strategy at J. P. Morgan.
Torm operates 79 oil product tankers worldwide. China's crude oil imports in the first quarter increased by 7 percent on the year to around 9.09 million bpd-a rise of nearly 595,000 bpd on average compared to Q1 2017, according to Reuters calculations.
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