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World's Top Oil Buyer May Be Ready to Restock After Drawdown

  • Orbital Insight uses satellites to estimate China oil storage
  • China crude supplies dropped by 17% in September and October
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Photographer: AFP via Getty Images

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The world’s biggest oil buyer may be waking up from a seasonal slumber.

China added 37 million barrels of oil to inventories in the first nine days of November, a rebound from September and October, when stockpiles fell by more than 120 million barrels, according to commodities intelligence firm Orbital Insight Inc. The drawdown coincided with China in October buying the least amount of foreign oil in a year, according to customs data.