Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.
China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, analysts and traders say.
China's imports have surged in recent years from OPEC nations such as Saudi Arabia, Iraq and the United Arab Emirates, according to Chinese customs data. The U.S. is still No. 1 in crude imports from the entire world.