Oil Market's Reliance on Asian Growth Tested in Stock Meltdown
- China imported more crude oil than the U.S. in April
- Asian demand seen as vital in oversupplied oil market
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Where are you going, Chinese oil demand? The market turns its lonely eyes to you.
Crude prices fell to 6-year lows on Monday as stock market routs in China and other emerging markets threatened to slow economies in the most important region for oil demand. Developing Asian nations have accounted for 72 percent of global demand growth since 2010, according to Amrita Sen, chief oil economist for consultant Energy Aspects Ltd. China imported more oil than the U.S. in April.