China is on a buying spree in the global oil markets as prices slumber near the lowest in years. The trading unit of state-run China National Petroleum Corp. has bought 36 cargos of crude oil in the open market so far in October, the largest purchase ever in a single month, Singapore traders familiar with the transactions said. The purchases show how China, the world’s second largest consumer of oil after the U.S. , is taking advantage of the energy glut to stock up on oil used for making transportation fuels like gasoline and diesel. It’s also a change from usual buying patterns as Beijing normally secures its oil needs through long-term contracts with fixed prices–and is rarely a big player in the Singapore spot market, Asia’s biggest oil trading hub. The 36 cargoes were bought by China National United Oil Corp., or Chinaoil, and are […]