In a fresh sign that China is slowing down its crude oil buying spree, Beijing appears to have reduced stockpiling for a second consecutive month in August, suggesting that China’s record-breaking oil imports and the support they gave to the fragile oil market may be over. According to estimates from Reuters columnist Clyde Russell , based on official data for oil imports plus domestic production, less refinery processing rates, China likely stashed 1.1 million barrels per day (bpd) of crude oil in its strategic petroleum reserve or commercial storage in August. In July, China was estimated to have likely sent 1.92 million bpd into its reserves. This was much lower than the estimated reserve fill in June of 2.77 million bpd, but close to the average for the January-July period reserve stockpiling of 1.95 million bpd, Russell estimated last month. China imported record volumes of crude oil in May […]