China Oil Demand Growth Forecast Increases to 4.9%: Deutsche Bank

Bloomberg reported that China’s oil demand will increase at a much faster rate this year than expected because of economic recovery, a report by Deutsche Bank AG said.

As quoted in the market news:

Consumption by the world’s second-largest crude user will increase by 4.9 percent, or 468,000 barrels a day, Soozhana Choi, Deutsche Bank’s chief oil strategist in Singapore, said in a report e-mailed today. The bank predicted in December that growth would be 3.4 percent this year.

Click here to read the full Bloomberg report.