China Likely Tapped Its Crude Inventories In July

Chinese refiners likely tapped their crude stockpiles in July as crude processing ramped up while imports slumped from the previous month, estimates by Reuters columnist Clyde Russell based on official Chinese data showed on Wednesday. Before July, China was estimated to have been stockpiling crude, and accelerating the pace of building inventories. Cheap Russian oil helped China accelerate the pace of stockpiling crude in June to the largest monthly additions to inventories in three years, Reuters’ Russell estimated last month. In July,…