It added that “elevated Chinese crude oil imports will no doubt help to support the global crude oil market”. “We expect Chinese crude oil imports to grow by 730,000-760,00 barrels per day this year,” it said. “Against the backdrop of low international oil prices, Chinese crude oil demand will remain well supported this year as demand continues to gain traction from stockpiling activities and refining use,” energy consultancy FGE said in its June outlook. Despite this, some analysts expect oil demand in Asia and especially China to remain strong. A stronger greenback makes dollar-traded oil imports more expensive for countries using other currencies, potentially hitting demand and weighing on prices.

Source: Mint June 13, 2016 03:22 UTC