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Oil prices steady as China's crude imports surprise

[bushhog1]

The Globe & Mail

"China’s crude oil imports for the first 11 months of the year rose 8.7 per cent to 6.61 million barrels per day, with November crude imports growing 7.6 per cent from the same month a year ago.

China’s November sales of new vehicles jumped 17.6 per cent over the same period.

With crude prices near record lows, China is seen as likely to double its strategic oil purchases in 2016, adding 70-90 million barrels to its strategic petroleum reserves (SPR).

Saudi Arabia is shipping more crude oil to Asia over the last two months of the year as strong refining margins boost demand, trade sources said, helping the top oil exporter to defend market share amid fierce competition."

https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/oil-prices-edge-up-from-near-7-yr-lows/article27640659/