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China Daily | Updated: 2014-06-12 06:54
China's oil stockpiling keeps prices high, reports say
China is stockpiling crude oil at the fastest pace in at least a decade, shielding itself from supply disruptions and helping keep prices above $100 a barrel. The country imported a record volume in April as it emulates steps taken by the United States in the 1970s to create a strategic petroleum reserve, government data show. The purchases are helping drive oil prices higher, according to Barclays Plc, Citigroup Inc and Nomura Holdings Inc.
Probe at Qingdao Port said to focus on Deching unit
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