China Refines Record Oil on Factory Output, Car Sales

(Bloomberg) — China, the world

Industrial production expanded 8.9 percent last month, boosting fuel use and adding to signs China is recovering from its worst slump in almost a decade. Passenger-vehicle sales surged 47 percent in May, the most since February 2006, as government stimulus spurred consumer spending. Gasoline output climbed 30 percent while diesel production gained 9.7 percent.

The domestic diesel market is showing signs of tight supply as the crop-planting season under way in the world