Oil Prices Fall On Chinese Demand Fears ...Middle East

OILPRICE - Economy
Oil Prices Fall On Chinese Demand Fears
source : OILPRICE ( Middle East ) () 28
Oil prices fell on Tuesday morning as uncertainty around Chinese oil demand continues to grow - particularly in the near-term.Chart of the Week- Chinese refiners added some 1.77 million b/d of crude to their inventories in May, equivalent to 53 MMbbls, the most since July 2020, making it unlikely that China would go on a buying spree anytime soon.    - The inventory build-up stemmed from a period of lower refinery runs in April-May, just as spring maintenance was peaking, taking the aggregate amount of crude in Chinese storage to almost…

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