China imported 23.41 million metric tons of MCX Crude oil in January, equivalent to 5.54 million barrels a day, preliminary data from the General Administration of Customs showed Friday.
Imports were 7.4% higher than 21.8 million tons shipped in a year ago. Refined oil product imports totaled 2.95 million tons, while exports totaled 1.86 million tons, the data showed. China exported 310,000 tons of MCX Crude oil in February, preliminary data showed.
Light Sweet oil futures are trading down 40 cents at $ 99.43 per barrel on New York Mercantile Exchange. Oil has been facing immense pressure as soon as it is breaching the $100 - 103 level.
MCX February crude futures may start todays session below Rs 4925 levels with supports expected around Rs 4898 per barrel.
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