China boosts crude oil stockpiling

PERTH, Mar 21 (Reuters): China boosted inventories of crude oil in the first two months of the year, a move that gives refiners options to trim imports in coming months if they deem prices have risen too high.

The addition of crude to stockpiles also undermines the market narrative that oil demand in the world's biggest crude importer is strengthening as it shows that refiners didn't process all the oil available to them.

A total of 570,000 barrels per day (bpd) were added to strategic or commercial inventories in the January-February period, according to calculations based on official data.