China buys crude as prices collapse, adding to stockpiles

China, the world’s biggest energy consumer, is building up stockpiles of crude oil as global prices plunge due to the coronavirus outbreak. The price collapse is battering state-owned oil producers and possibly disrupting official plans to develop the industry but is a boon to Chinese drivers and factories. It gives Beijing a chance to add to a strategic petroleum reserve that is meant to insulate the country against possible supply disruptions.

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