Chinese oil imports up 18 percent

Chinese government data show crude oil imports were up 18 percent in October year-on-year, though down from the month prior by more than 10 percent.

Chinese average imports for October were 5.7 million barrels per day, up from the average 4.8 million bpd reported in October 2013. Levels last year represented a 14-month low, analysis from the Platts energy service found.

Though treading water, analysis from Platts last month found Chinese apparent oil demand, a reflection of how much oil goes into domestic refineries combined with net oil product imports, averaged 10.35 barrels per day in September, up 7.4 percent year-on-year.

The Organization of Petroleum Exporting Countries said in its October report the global economy should grow by 0.6 percent next year to 3.6 percent. The Chinese and Indian economies should remain flat, while Europe continues to falter.

OPEC in its annual world oil outlook report said more than 70 percent of growth in oil demand is coming from expanding Asian economies.

The Chinese government said Sunday inflation remained at a four-year low. Government-controlled fuel prices, meanwhile, continue to drop along with global oil prices.

Bob Liu, a senior analyst at China International Capital Corp., told state-run Xinhua News Agency inflation at the wholesale level was on the decline.

"The deterioration of producer price index deflation was mainly attributable to sharply lower oil prices and overcapacity industries," he said.