Weak Buying from Top Users Drags Asia’s Oil Imports To Two-Year Low

Crude imports in the world’s most important oil-buying region, Asia, slumped to a two-year low in July amid weak demand in the largest regional buyers – China and India.    While slower imports in India, the world’s third-biggest crude importer, can be attributed to seasonality and lower demand in the monsoon season, Chinese consumption has disappointed oil bulls so far this year and has the market concerned about demand in the second half amid weaker economy, the ongoing property crisis, and tepid fuel demand. …