China Oil Imports Jump 22% Even as Economic Data Disappoints

AI Summary

China's oil imports increased by 22% despite disappointing economic data such as lower retail sales and industrial output growth. This raises concerns about future crude oil demand amidst weaker-than-expected economic performance in the third quarter.

China began the third quarter with weaker-than-expected key economic indicators, raising additional concerns about the health of its economy and its demand for crude oil in the coming months. Retail sales increased by just 0.6% in July from a year earlier, down from 1% annual growth in June, official Chinese data showed on Monday. Retail sales last month came in well below the analyst estimate of 1.5% growth in a Reuters poll, despite summer tourism spending. Growth in industrial output also fell short of expectations, with a 4.5% increase in July…