China is boosting U.S. energy imports at a time when the world is swamped with excess supply after the Organization of the Petroleum Exporting Countries (OPEC) and Russia failed to extend production cuts and as measures to curb the spread of the coronavirus undermined demand.

China's oil product consumption over the first two months of 2020 dropped 14.1% year on year to 41.94 million mt.

Brent was up by 61 cents, or 2.7%, at $23.37 a barrel, WTI was up by $1.04, or 5.2%, at $21.13 a barrel

Putin and Trump discussed the oil market at a time when prices continue to tumble due to the collapse of the OPEC+ crude production cut agreement, and the major economic impact of the coronavirus pandemic.

Iraq is selling around 70% of its crude exports to Asia,

Brent was down 5.8%, or $1.45, to $23.48 a barrel, WTI fell as far as $19.92, near an 18-year low hit earlier this month, and was last trading down 3.8%, or $0.82, at $20.69 a barrel.

A group of six U.S. senators wrote a letter to Secretary of State Mike Pompeo this week saying Saudi Arabia and Russia “have embarked upon economic warfare against the United States” and were threatening U.S. “energy dominance”.

Saudi energy minister Prince Abdulaziz bin Salman and Russian counterpart Alexander Novak have not held any discussions about a joint agreement to balance oil markets, indicating no resolution to the price war.

Oil exporters in the Middle East and North Africa region will lose $192 billion in crude income in 2020

Sovereign wealth funds from oil-producing countries mainly in the Middle East and Africa are on course to dump up to $225 billion in equities,