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Oil supplies increase as demand fades

(Global Times)

08:09, May 22, 2012

China's crude oil inventory at the end of April was up 4.36 percent from a month earlier, according to figures issued yesterday by the Xinhua News Agency's financial service website xinhua08.com.

An analyst at Xinhua08 attributed the increase in crude oil inventory to shrinking demand last month, as the country's imports of crude oil declined slightly during the period while production remained almost unchanged compared with the previous month.

Due to the slowing economy, demand for fuel failed to see a rebound. At the end of last month, gasoline inventory rose 5.3 percent month-on-month.

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