Meanwhile, signs are emerging that crude oil demand in China may be on the rebound, Reuters reported, citing Kpler data about Chinese imports. The data suggests that oil imports into China this month could be close to or at record highs—despite repeated reports that Chinese oil demand growth is on life support.

The Kpler data follows a report about China’s oil inventories saying the country’s oil surplus shrank in October, to 550,000 bpd from 930,000 bpd in September. In that report, Reuters’ Clyde Russell said the surplus shrinkage should not be taken as a bullish sign for oil prices, interpreting the numbers as evidence that China was importing more crude that it needed immediately.

Meanwhile, it has emerged that the International Energy Agency’s projections for global oil inventory movements in the final quarter of the year may have been overly modest. Preliminary data cited by Bloomberg—and coming from the IEA—shows that global oil stocks shrank by some 1.16 million bpd this quarter. The projected decline was 380,000 bpd.

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