China becomes world's top crude buyer despite stuttering economy

Singapore

CHINA overtook the United States as the world's top importer of crude oil for the first time in April, and its purchases are expected to remain strong despite a slowing economy, with far-reaching consequences for global oil and commodities markets.

The soaring imports came as a surprise as growth in the world's second-largest economy was sputtering and its oil demand was expected to ease. However, low oil prices and China's series of interest rate cuts - including one over the weekend - in a bid to stoke growth are factors boosting demand.