China oil demand immune to interest rate rise

Newswire

By Charlie Zhu SINGAPORE, Oct 29 (Reuters) - Forget interest rate hikes and attemps to cool the Chinese economy. A chronic power shortage is driving its thirst for oil and will support crude prices for years to come. Analysts said China's first rate rise for almost a decade on Thursday would not make crude demand growth slow any more than they already expect in the world's second largest oil consuming nation. Cambridge Energy Research Associates (CERA) estimates the power industry will ...

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