China's oil inventories rise by 416.7% in October

China's crude oil inventories rose 416.7% in October to 29.09 million barrels on MOM basis in response to increased imports, the latest statistics show. On YOY basis, the supply of crude oil rose by 21.3% to 415.96 million bpd, indicating that the monthly increase in total supply was at a moderate pace compared with 8.9% growth in stocks, mostly due to higher imports.