Russian ESPO crude oil premiums hit 4-year highs on strong China demand

Spot premiums for Russian ESPO Blend crude hit four-year highs, courtesy of the big jump in Chinese demand for oil, multiple trade sources said on Thursday, according to a Reuters report.

Producers Surgutneftegaz and Gazprom Neft have reportedly sold three cargoes loading in the first week of November at premiums of $5 to $6 a barrel to Dubai quotes.