China’s crude oil inventories dropped by 3.42% in August - Xinhua

Reuters reported headlines from China’s state news agency, Xinhua, the Chinese crude oil inventories declined by 3.42% to 29.79 million tons in August, when compared to July, suggesting a pick up in oil demand from the world’s second largest oil consumer.

The total fuel stocks also dropped, by 0.95% to 17.02 million tons in August, hitting the lowest level since December last year.

According to Xinhua, demand growth for diesel in the infrastructure, mining, and industrial sectors picked up last month.