China becomes world's top crude buyer despite stuttering economy
Low prices and Beijing's series of interest rate cuts in a bid to stoke growth are factors boosting oil demand
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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.
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