WTI Oil Fluctuates as China Crude Imports Climb to Record High
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West Texas Intermediate crude swung between gains and losses as China, the world’s second-biggest oil consumer, increased imports to a record in July.
Futures fluctuated in New York after slipping for a fourth day yesterday. China bought a net 25.9 million metric tons of oil, or 6.13 million barrels a day last month, according to government data. Purchases of the fuel are 13 percent higher than in June. WTI fell yesterday after a report from the Energy Information Administration showed U.S. gasoline supplies rose, while crude inventories fell.