The physical crude market in Asia is showing further signs of strength, bolstering the outlook for higher futures prices just as global oil benchmark Brent rallies to the highest level in seven years. Prices of Russian crudes are the latest signal of the sustained market bullishness. Spot differentials for Sokol that are scheduled to be shipped in March rose by at least 40 cents a barrel from the previous trade, while the premium commanded by ESPO crude — a favorite grade among Chinese processors — surged to the highest since November, according to traders. Physical crude markets around the world have run hot this month as traders look beyond the impact of the omicron variant and contend with supply disruptions in Libya and Kazakhstan. Even as China’s zero-Covid policy clouds the outlook for demand in the top importer, profits from turning crude into diesel, Asia’s major export fuel, have […]