Lower Oil Prices Are Fueling Asia’s Crude Buying Spree

Asia’s crude oil imports rebounded in August from a year-low level in July, likely fueled by low oil prices in May and early June when the cargoes arriving in August must have been nominated.  Asia, the world’s biggest oil-importing region and a key gauge of global oil demand growth, saw crude oil imports average 27.18 million barrels per day (bpd) in August, higher than in July and in August last year, per data from LSEG Oil Research cited by Reuters columnist Clyde Russell. The July import levels of 24.91 million bpd were the…