Oil prices climb up after China crude imports surge
On Monday, crude oil price edged up during Asia trade because the market reacted on China’s upbeat crude imports for last month notwithstanding Saudi Arabia’s sudden removal of Ali al-Naimi, its long-serving oil minister.
In New York, June deliver crude futures were worth $45.49, demonstrating a 1.9% surge. Then, Brent July delivery crude futures traded $45.96 or + 1.3%.
Meanwhile, last month China’s crude imports ascended 7.6% on-year, thus marking the third straight month, which crude imports exceeded 30 million tons. In April, China managed to ship up to 7.9 million barrels a day.
In the first four months of 2016, this Asian country imported about 123.67 million tons of crude, which is equivalent of a 12% on-year surge.
By the way, the strong flow of foreign crude is heavily backed up by the growing number of local refineries, also dubbed teapots. These cutting-edge type of refineries support importing directly from a foreign source even less than a year ago.