Chinese Oil Imports Soar

Perhaps somewhat unexpectedly (Given the Lunar New Year Holiday), Chinese crude oil imports increased at an even faster rate in February than in January, up 57.8% to 18.5 million tons or 4.85 million barrels per day.

This is one example of how it is strong demand in China and other Asian countries that is causing the price of oil to continue to reach new highs, despite weak demand in the West.