China's Oil Import Rebound May Push Prices Higher: NBC

China’s significant reduction in petroleum imports earlier this year helped offset supply disruptions from the Middle East, capping oil price gains, according to an analysis by Jocelyn Paquet of National Bank of Canada (NBC).

Data showed a historically large percentage rebound in Chinese imports in July, suggesting that the country's demand recovery may now provide an upward price impulse.

The shift could reverse the dampening effect that China’s earlier import weakness had on the global oil market.

Paquet’s analysis highlights the interplay between Chinese demand trends and Middle Eastern supply shocks in influencing crude prices.