MW : China's oil demand rises 4.2% in July: Platts
NEW YORK (MarketWatch) -- Chinese refiners increased their combined crude oil processing volume to a new record high of 33.11 million metric tons, or 7.83 million barrels per day, in July, while overall implied oil demand in China rose 4.2% from a year ago to 34.92 million metric tons, energy information provider Platts said in a statement on Wednesday. July was the fourth consecutive month to register a year-on-year increase in China's apparent oil demand, which includes barrels moving into storage, Platts said. "The recent robust Chinese oil demand growth rates seem counter-intuitive, given that exports, the mainstay of the Asian giant's economy, remained depressed in July," said Vandana Hari, Asia news director at Platts, in a statement.
