Oil May Reach $70 as China Imports Rise on Stockpile, CLSA Says

Oil may reach $70 a barrel as China starts filling its emergency crude storage tanks, boosting the nation’s imports to a record in March, CLSA Ltd. said.

China may begin pumping oil into a storage facility in Huangdao in eastern China’s Shandong province in late April, Gordon Kwan, head of China oil and gas research wrote in a note today. The nation imported a record 13.86 million metric tons (3.3 million barrels a day) of crude last month, China’s customs data showed on April 10.

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