China's crude oil stockpile declines 0.72%

BEIJING - China's commercial crude oil stocks edged down 0.72 percent in December from November, while stocks of refined oil products rose by 5.26 percent, according to new analysis by Xinhua News Agency.

Last month, China's imports of crude oil hit a record high of 32.94 million tons, while its domestic output came in at 18.15 million tons, the data showed on Monday.

Gasoline stocks increased by 6.9 percent as the government temporarily lifted restrictions on fuel price rises. Partly due to fears that rapid increases in oil consumption may worsen air quality, China's top economic planner has suspended the price capping on domestic refined oil products twice since Dec 15.

By the end of December, China's diesel stocks had grown 2.93 percent due to sluggish industrial demand, according to the report.