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Slowing China comes to oil's rescue

Beijing's plans to build up a 500 million barrel strategic reserve will prevent a further price crash, say analysts

DISMAL: Brent for October settlement closed at US$49.08 a barrel on Thursday. It has fallen about 50 per cent in the past year.


EVEN after China's slowing economy dragged crude to a six-year low, oil's second-biggest consumer remains the main safeguard against a further price meltdown.

While China's surprise currency devaluation helped trigger Brent crude's slump to about US$42 a barrel last month,