Crude imports hit record highs, with December stockpiling estimated at 2.67 million bpd-the fastest pace since 2020-as Beijing took advantage of low prices and expanded storage capacity.

Crude oil price has been rather bullish in recent sessions as the market digests the geopolitical tensions in Iran. However, it is yet to transition into the bullish market as investors await further cues on the demand/supply dynamics.

One of China’s largest regular buyers of Venezuelan crude is making bids for Canadian cargoes as a replacement, after US intervention in the Latin American country upended global flows and lifted prices.

Commercial crude oil stocks rose last week by 3.6 million barrels as refineries ran at a slower rate, said the Energy Information Administration.

Oil prices extended their gains on Thursday on the back of simmering geopolitical tensions and concerns about the loss of supply. Concerns about a possible US military strike on Iran, OPEC’s fourth-largest producer with an output of 3.

PetroChina is avoiding Venezuelan crude despite U.S.-authorized sales, citing Washington’s control over the trade and reduced price discounts that undercut its economic appeal.

Commercial crude oil stocks decreased by 2.3 million barrels and were about 3% below the five-year average for the time of year, said the Energy Information Administration.

China's surplus of crude oil jumped to 2.67 million bpd in December, up from 1.88 million bpd in November and the most since the 2.27 million bpd seen in June 2020, when the world's largest crude buyer was gorging on cheap oil at the height of the COVID-19 pandemic.

Brent crude futures settled above $70 a barrel for the first time since July after US President Donald Trump warned Iran to make a nuclear deal or face military strikes.

Crude oil futures turned higher Tuesday, supported by concerns over U.S. production losses brought on by winter storm Fern as well as possible supply disruptions in Iran as U.S. naval assets arrived in the Middle East.