China’s Oil Buying Spree Is Coming To An End

In a fresh sign that China is slowing down its crude oil buying spree, Beijing appears to have reduced stockpiling for a second consecutive month in August, suggesting that China's record-breaking oil imports and the support they gave to the fragile oil market may be over. According to estimates from Reuters columnist Clyde Russell, based on official data for oil imports plus domestic production, less refinery processing rates, China likely stashed 1.1 million barrels per day (bpd) of crude oil in its strategic petroleum reserve or commercial storage…