China’s crude oil imports at record for the second straight month
|According to data from the General Administration of Customs on Tuesday, China's crude oil imports jumped by 33% in June on the year, accounting for the second straight monthly record.
Additional details (via Reuters)
“The world's top crude oil importer, took in 53.18 million tonnes of oil, equivalent to 12.9 million barrels per day (bpd).
That easily beat the previous record of 11.3 million bpd in May, and was up 34% from 9.63 million bpd in June 2019.
For the first half of 2020, China imported a total of 268.75 million tonnes of crude oil, data showed, equivalent to 10.78 million bpd, up 9.9% from the same period last year.
China's refined oil product exports for June at 3.87 million tonnes, a fraction lower than 3.89 million tonnes in May, but down nearly 29% from the same month last year.”
Market reaction
The strengthening Chinese oil demand fails to rescue the oil bulls, as WTI drops over 2% and attacks the 39 mark amid downbeat market mood and virus concerns.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.