China Accelerates Crude Stockpiling To Highest Rate In Three Years

Cheap Russian oil helped China accelerate the pace of stockpiling crude in June to the largest monthly additions to inventories in three years, according to estimates by Reuters columnist Clyde Russell based on official Chinese data.   In June, China is estimated to have added 2.1 million barrels per day (bpd) of crude oil to either its commercial or strategic reserves, up from 1.77 million bpd added to inventories in May, per Russell’s calculations. China does not report commercial or strategic inventories, so analysts are trying to…