Hormuz closure clouds China's crude imports after they hit a 3-month high in July

China’s crude oil imports fell less in July than previously reported, but the suggested recovery looks short-lived. Commentary attributes the slowdown to the ongoing conflict and persistently soft demand, keeping downside risk on near-term oil balances.

Analysis

China’s crude oil imports fell less in July than previously reported, but the suggested recovery looks short-lived. Commentary attributes the slowdown to the ongoing conflict and persistently soft demand, keeping downside risk on near-term oil balances.