Chinese data showing robust growth in implied oil demand supported the price of Brent crude yesterday, despite the spectre of slowing global growth and excess supplies.
Apparent demand for September, which takes into account estimated net imports of oil products and crude that is processed, was 7.1 per cent higher than the same period a year ago, at 10.3m barrels a day. This is the fastest growth since June 2013.
The better than expected data shed a positive light on the needs of refineries, factories and car owners.
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