China’s oil demand fell to 11-month lows in July on the back of erratic weather and feeble industrial growth, crushing hopes of a recovery in consumption which the market had expected after the country in June pulled itself out of the red for the first time in many months. But analysts are hopeful that the fall would be temporary and demand would recover in the remaining months of the year. Total apparent oil demand in the world’s second-largest oil consumer fell to 10.75 million b/d in July, dropping 6.9% from June and witnessing the steepest year-on-year decline of 5.4% since January 2009, S&P Global Platts calculations showed. China’s apparent oil demand in June had increased 1.8% year on year to 11.54 million b/d, which was 6.1% higher from May. “Apparent demand was dragged down by record high oil product exports in July, at around 860,000 b/d, a further reflection […]