China’s Oil Buying Spree May Be Coming To An End

While the rest of the world continues to struggle with fuel demand recovery in fits and starts, China has been a key factor in supporting oil prices as it breaks crude oil import records.  Record Chinese crude oil imports over the past few months have supported still weak global oil demand and instilled confidence in the market that the demand recovery will continue.    But the Chinese buying spree may be coming to an end, as oil is not as dirt cheap as it was in April and as China is estimated to have amassed large crude inventories…