Will China’s oil appetite be enough to support prices?

AI Summary

China's significant reduction in crude oil imports has helped moderate the rise in global oil prices. However, limited inventory and potential disruptions at the Strait of Hormuz could still drive crude prices above $120 per barrel.

China’s sharp reduction in crude imports has helped contain the rise in global oil prices, but shrinking inventories elsewhere could still send crude to $120 a barrel or higher if the Strait of Hormuz remains closed, Capital Economics said. Chinese crude imports fell more than 40% year over year in June to 7.2 million barrels ...