MW: China oil demand decline first in 3 years: Platts
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- China's apparent oil demand fell for the first time in three years in June, according to a Platts analysis released Monday of recent Chinese government data. Demand declined by 1.9% year on year to 36.84 million metric tons last month and was the first contraction since a 2% drop in the first quarter of 2009 in the wake of the global financial crisis, Platts said. Apparent oil demand, on a daily basis, was at its lowest since September of last year, the analysis showed. "Industry sources we've spoken to have been expecting this drop to come sooner or later," said Song Yen Ling, Platts senior writer for China. "You can't keep watching the engines go slower and slower and not expect to see a drop in the fuel that's needed." At last check, September crude oil CLU2 -3.13% fell $2.95, or 3.2%, to $88.88 a barrel in New York.
