Moe, this is a key point on news today. China is the big driver of any oil consumption growth.
Crude prices move higher as investors go bargain hunting - MarketWatch
"The country’s crude imports, however, bucked the overall trend by rising 24.5% from a year earlier in February to 31.8 million metric tons, or eight million barrels a day, despite the weeklong Lunar New Year holiday during which many factories were closed.
“Strong demand for the local refineries is supporting China’s crude imports. With prices this low, we expect the refineries to keep importing more,” said Li Li, a research and strategy director at ICIS China, estimating that China’s crude imports will grow at roughly the same level as last year’s 8.8%."
