China buys Colombian oil as global glut deepens

China is finding oil supplies 14,000 miles (22,530 kilometers) away, aided by the global fall in prices that has left producers vying for new markets.

PetroChina Co said it has bought Colombian crude for a northern refinery for the first time because it was good value, in a transaction which underscores how the world's second-biggest oil consumer is benefiting as producers from the Middle East to Latin America vie for customers in Asia.

Brent oil futures tumbled to the lowest level since 2010 as the highest US output in almost 30 years cuts its consumption of foreign crude. The biggest producers from the Organization of the Petroleum Exporting Countries are reducing prices to defend their market share.