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Oil price rout continues in spite of record Chinese demand

Oil price rout continues in spite of record Chinese demand

The price of oil has continued to plummet today in spite of China importing record amounts in December.

The price of a barrel of Brent crude oil has fallen by nearly 4 per cent today to $45.6, while the price of US Wes Texas Intermediate oil has fallen 3.2 per cent to $44.6.

The continued fall has once again hurt oil-focused stocks on the FTSE 100 this morning, with engineering firm Weir Group currently the biggest faller in the index.

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The decrease has come in spite of China upping its crude oil imports by nearly 20 per cent between November and December, hitting a record monthly level of 30.4m tonnes imported.

Instead, the price has come under pressure as several brokers and banks have slashed their forecasts for the price in the past week.