November Oil Demand From China Climbs To Second-highest Level On Record: Report

China's implied oil demand in November hit the second highest level on record at an average 11.44 million barrels a day, according to an analysis of Chinese government data by S&P Global Platts released Thursday. That was 4.1% higher than the same month a year earlier. The increase came as the nation's imports of key oil products rose to a six-month high of 1.1 million barrels a day, the report said. "Gasoline and jet fuel demand for the transport sector are likely to rise significantly prior to the start of the holidays as people across the country travel home to celebrate the new year, which falls on January 28," said Song Yen Ling, senior analyst with Platts China Oil Analytics. February West Texas Intermediate crude was at $52.30 a barrel in electronic trading, after settling Wednesday at $52.25 on the New York Mercantile Exchange.

Copyright © 2017 MarketWatch, Inc.