Asian demand for U.S. oil is rising as the energy crisis boosts prices for other crudes that are priced against the global Brent futures contract. China and other Asian buyers have been snapping up supertankers of American sour crudes for delivery in November and seeking more for December, according to traders. Most buyers are seeking U.S. grades that had recently slumped to the lowest levels in over a year, with an added incentive after China’s government awarded millions of tons of crude oil import quotas. A wide spread between Brent and West Texas Intermediate oil futures would accommodate higher U.S. crude exports, said Elisabeth Murphy, ESAI Energy LLC upstream analyst for North America. WTI has been trading at least $3 a barrel under Brent since August, a discount that generally favors U.S. crude exports. Asia’s increased appetite for U.S. crude comes after a widespread recovery in road-fuel and freight […]