China Dec crude oil imports at record high

China's crude oil imports reached a record high of  7.15 million barrels per day in December, government data showed on Tuesday. The record volume, combined with estimated steady output and crude runs, would suggest some of the oil could have flowed into storage facilities, either commercial or strategic,  as real demand remained subdued due to weaker economic activity.

Costs of the December imports averaged at US$77.9 a barrel, sharply down from the US$88.5 a barrel in November.

China  on average bought 6.17 million bpd of crude in 2014, 9.5% higher than in 2013, the government data showed.