China crude imports surge

Tumbling world oil prices sparked a buying spree by China that led to record crude imports in December, according to Reuters estimates on Wednesday that suggest China doubled the oil put aside for strategic reserves in 2014 compared with 2013.

The figures indicate that thanks to the doubling of surplus oil in its system last year, China is much further along in filling up its strategic oil reserves than previously thought.

Yet analysts played down suggestions that Chinese buying could prop up global oil markets, where prices have dropped by more than half since the middle of last year.