Posted by: youngragingbull | January 23, 2013

China’s oil-demand to grow 4.9% in 2013: Deutsche Bank

China’s oil demand will rise at a faster pace this year than previously forecast amid an economic recovery, according to Deutsche Bank AG.

Consumption by the world’s second-largest crude user will increase by 4.9 percent, or 468,000 barrels a day, Soozhana Choi, Deutsche Bank’s chief oil strategist in Singapore, said in a report issued today. The bank predicted in December that growth would be 3.4 percent this year.

China’s oil demand rose for a second month to a record 10.6 million barrels a day in December, up 9.1 percent from a year earlier, data compiled by Bloomberg show. Meanwhile, gross domestic product expanded 7.9 percent in the fourth quarter compared with 7.4 percent in the previous period, snapping a seven-quarter slowdown, government figures showed on Jan. 18.

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