China oil demand up 12.8%

Chinese demand for oil increased by 12.8% in March as economy growth continues and refining capacity expands, AP reported, citing an analysis by energy information provider Platts. Apparent oil demand rose to 8.12 million barrels per day in March year-on-year, the seventh consecutive month of double-digit increases in China. However, the increase was lower than in February, which set an all-time high of 8.5 million barrels per day. The increase was facilitated by new refining capacity at state-owned refineries and by the 11.9% growth figures posted in the first quarter.