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.
Japan growth misses the mark as its GDP came in at a disappointing 2.6%. This comes after oil rejected breaking out to the downside on the heels of terror threats to oil out of Yemen and embassy closings as well as strong data out of China.
A much larger than expected decline in crude oil as reported by the API last night coupled with the growing unrest in Egypt has pushed the spot WTI price back above the $100/bbl level for first time since September 2012.