Imports to maintain upward trajectory

China saw its crude oil imports in January reach 10.07 million barrels per day, up 5.1 percent year-on-year, figures from the General Administration of Customs showed last week. This was the third time China's monthly crude imports breached 10 million barrels per day, according to S&P Global Platts Analytics.

While crude imports in January, totaling 42.59 million metric tons, are down 2.7 percent from the 43.78 million mt in December, analysts believe the figure is at an elevated level as refineries built up stockpiles ahead of the Spring Festival holiday in early February.

The total 42.59 million tons of oil works out to 10.07 million barrels per day.