Oil News

China is looking to increase commodity inventories as prices are at their lowest level in seven years

Crude Oil trading above $58 a barrel on China’s purchase

China is looking to increase commodity inventories as prices are at their lowest level in seven years

Oil imports climbed in April as China announced plans to boost stockpiles. The amount of crude brought into the country, the world’s second-largest consumer, reached 16.17 million tons last month, or 3.9 million barrels a day, the customs department said on its Web site today. China is looking to increase commodity inventories as prices are at their lowest level in seven years, the nation’s economic planner said in March. Saudi Arabian Oil Co., the world’s biggest state oil company, maintained cuts in contracted supplies of crude oil to Asian refiners in June, refinery officials said.

The Dhahran, Saudi Arabia-based producer will keep in place reductions in shipments of between 10 percent and 15 percent from levels agreed under annual contracts, according to officials at processors in China, Japan, Taiwan and South Korea who received notices from the company. Crude Oil is trading at $59.25 as of 9:20am, London Time. Crude’s Pool-Position is 74% Long, meaning that most Finotec traders are buying the commodity.