Tumble in spot premiums spurs Asia refiners' buying of Mideast oil

Indian and Chinese oil buyers are snapping up Middle East crude after spot premiums for February-loading cargoes slumped by more than half to three-month lows on improved supplies to Asia.
 

Easing concerns about the impact of new coronavirus variant Omicron on Asia's fuel demand are also supporting Asian refiners' margins, trade sources said.
 

"It's quite a busy week as demand all came out," a Singapore-based analyst with a trading firm said.
 

Supplies to Asia are improving as pricing differences in crude grades make Atlantic Basin crudes become more attractive.
 

The Organization of the Petroleum Exporting Countries and their allies have