Commodity Alert: Crude Oil Stays Weaker In Asia Despite Record Imports By China In January
Crude oil shrugged off record imports by top buyer China in January and stayed with a negative trend overnight in the US where fresh levels of shale output continues to come to the market as a counterweight to OPEC-led curbs. China's crude oil imports in January jumped 20% to record 40.64 million metric tons, equivalent to 9.57 million barrels per day (bpd). crude oil prices settled sharply lower after data showed US domestic oil supplies rose for the second straight week while domestic production rose further above 10 million barrels per day.
Impact Negative for Crude oil
Source:Investing
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