Oil Crisis, China’s Crude Oil Import Decline Concerns on Fuel Demand Investing.com

By Gina Lee

Investing.com – Oil fell in Asia on Wednesday morning after data falling in the first half of 2021 showed concern over fuel demand. However, the black liquid remained at its highest level for a week, as supply concerns remain the same along with the economic recovery of COVID-19.

They rose 0.34% to $ 76.23, after jumping 1.8% in the previous session at 12:43 ET (04:43 GMT). It fell 0.45% to $ 74.91 after a 1.6% gain on Tuesday.

Gross imports in China, the world’s largest oil importer, fell by 3% between January and June 2021. Shortages of import quotas, maintenance of refineries and rising world prices reduced purchases, which led to the first contraction since 2013.

“Imports have fallen as crude oil prices have risen as refineries’ profit margins have eroded. analysts in a note.

The note referred to the continuing disagreement over the supply policy of the Organization of the Petroleum Exporting Countries and Allies (OPEC +), which left the rise in output in August, just three weeks ago, in limbo. The cartel has yet to be fulfilled after the agreements reached earlier this month ended without an agreement.

Meanwhile, the International Energy Agency said global withdrawals from storage in the third quarter of 2021 will be the most in at least a decade, thanks to stocks in US Europe and Japan in early June.

showed a raffle of 4,079 million barrels released on Tuesday for the week of July 9th. The draw was a draw of 4,333 million barrels in both forecasts prepared by Investing.com and less than the 7,983 million barrels previously recorded. week.

Investors are waiting, days later.