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China crude imports rise to 7.8 million bpd in July

Calculations by Kpler cited by Bloomberg point to a jump from June’s 6.2 million bpd, the lowest in over a decade.

Reported · Written up by our desk · Energy

China is likely to have increased its crude oil imports in July, with the daily average reaching 7.8 million barrels, according to calculations by Kpler cited by Bloomberg.

The report said Chinese refiners have been buying more Russian crude and also receiving more tankers from the Middle East, contributing to the higher import rate.

Bloomberg cited in the story that July would represent a solid increase from June’s 6.2 million barrels daily, which was described as China’s lowest crude import pace in more than ten years.

Oil prices were also in focus amid shifting conflict signals in the region, with the story noting that after reports the United States and Iran paused mutual attacks, oil had retreated from last week’s highs, even as previous hostilities had pushed Brent above $100 per barrel.

Latest closeWTI crude $90.47 ▼1.9%|Brent $98.38 ▼2.3%

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