China’s crude purchases plunge in June amid Middle East supply drop, higher prices

China’s crude imports continued to fall in June, driven by a steep decline in shipments from the Middle East, while purchases of other energy sources recovered in a sign the country may be seeking to reduce reliance on volatile oil imports. Chinese crude imports from Gulf nations plunged 76.1 per cent year on year in June by volume, according to customs data released on Monday. Purchases from Russia also declined for a second consecutive month, slipping 0.6 per cent year on year, as market...