Top traders make oil spin in Middle East

Opposing positions: A man works on a Sinopec signage at a gas station in Huai’an. PetroChina’s Hong Kong entity has been bidding – and purchasing cargoes as a result of its bids – while Sinopec’s Unipec has been offering and selling shipments in Dubai. — AP

BEIJING: Two giants in China’s oil and refining sector have taken the biggest opposing positions in Middle East crude trading in years, transforming global cargo flows and puzzling oil traders the world over.

Throughout this month, Dubai crude has fluctuated heavily, largely due to aggressive bidding and offering from the trading units of Chinese oil refiners, PetroChina Co and Sinopec.