China’s crude oil stockpiles likely grew at an elevated rate for the third consecutive month in May, which could allow Beijing to purchase lower volumes over the next weeks amid the spike in oil prices due to the Israel-Iran conflict. China is estimated to have stockpiled a lot of crude in the early months of the year, Reuters columnist Clyde Russell has calculated. The high inventories could potentially allow Chinese refiners to reduce crude buying later this year, which would weigh on oil prices and perceived demand in…
Rate This Article
