Global Oil Demand Is Bouncing Back

1. China gobbles up commodities- China imported roughly 13 mb/d of oil in June, a record high. - China also imported a record high 656,000 tons of copper last month. “This shows that China took advantage of the low copper prices in the spring (for a time copper was priced below $5,000) to buy up large quantities on the world market,” Commerzbank said in a note. - But tensions between the U.S. and China are putting downward pressure on commodities. Copper prices fell 1.5 percent on Monday, although prices are still elevated. - Also,…