For the first time this year, global benchmark Brent hit a record of $72 per barrel on Wednesday, palpably reinvigorating crude market sentiment around the globe. Even though China’s Q1 economic growth of 6.4 percent and a further 3.2 percent year-on-year refinery throughput hike certainly did help crude prices – as well as an expected US commercial crude inventory drawdown – the market’s largest issue to resolve is the overall scarcity of heavy and sour crudes. If heavy supply remains at the current level in the foreseeable…
