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Market Chatter: China Considers Purchasing More US Oil to Reduce Middle East Reliance, White House Official Says

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China's President Xi Jinping is looking at buying more oil from the U.S. to lessen the country's dependence on Middle East oil amid the closure of the Strait of Hormuz, Bloomberg News reported Thursday, citing a White House official.

Xi made the statement while meeting with U.S. President Donald Trump in Beijing, the official told the media outlet.

China objected to Iran's plan to charge a toll for the navigation of the strait, which has been closed in response to the air strikes from the U.S. and Israel, according to the report.

Both presidents agreed that the waterway should be kept open to ensure the free flow of energy, the official said in the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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