Daily crude oil imports in China rise sharply from June’s decade-low 6.2 million barrels, boosting oil market sentiment.
China’s crude oil imports averaged 7.8 million barrels per day in July, up from 6.2 million in June, marking the lowest level in over a decade. The increase follows higher purchases of Russian crude and more arrivals from the Middle East.
June’s imports had slumped to the weakest rate since at least 2013, reflecting subdued refining activity. The rebound in July could support oil prices amid ongoing supply concerns.
No immediate market reaction was reported, but the uptick may reinforce bullish sentiment in global oil markets.