Crude-oil investors have reasons to like China these days. Oil refiners aren’t so enamored. According to trade data out Saturday, the world’s second largest consumer of oil after the U.S. imported 18% more crude in October from the year before, faster than its 9% growth so far this year. As crude gets cheaper, China is on the bargain hunt. The trading arms of its state-run oil majors have snapped up cargoesin international markets in recent weeks, and these will likely register in even higher import levels the coming months. Oil bulls can take some consolation that these purchases prevent the crude price from falling faster.