– China Crude Stockpiles Hit Two Year High As US Strategic Reserve Drops To 40 Year Low:
In the latest hurdle to Saudi ambitions to boost oil prices, China’s onshore crude oil stockpiles hit a two-year high in May as demand fell short of expectations amid a disappointing economic recovery, Bloomberg reports overnight.
According to Kpler, Chinese crude oil inventories climbed to 966 million barrels, before easing back to 963 million barrels in June. That compares to a five-year average of 858 million barrels, and is almost 3x more than the US has in its strategic petroleum reserve.
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