China’s apparent oil demand fell by 2.7% to average 10.88 million barrels per day in May compared to a year earlier, according to a report from S&P Global Platts released early Tuesday. Oil demand has now fallen for four months in a row, with a slowdown in the Chinese economy contributing to decreases in gasoil and fuel-oil consumption. China’s oil demand is expected to grow by less than 2% this year, as “gross domestic product growth slows on the back of economic rebalancing,” the report said. On the New York Mercantile Exchange, August West Texas Intermediate crude traded at $45.59 per bbl, up 83 cents, or 1.9%.
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