November 22 -- The crude oil inventory in China in October fell four percent from September, according to Xinhua News Agency.

The inventory of gasoline, kerosene and diesel declined 3.6 percent month-on-month, of which the inventory of gasoline rose 2.2 percent, while that of diesel and kerosene were down 6.8 percent and 9.2 percent.

Although the two largest oil refiners, PetroChina (601857.SH,0857.HK) and Sinopec (600028,0386.HK) significantly increased processing volume, the strong demand for refined oil products, specially for diesel, resulted in five consecutive months of declines in the inventory of refined oil products, according to an analyst at Xinhua News Agency.

However, the rate of decline has moderated, added the analyst.

Source:CapitalVue