Crude Oil Falls for Sixth Day on Concern Stockpiles Are Rising

http://www.bloomberg.com/apps/news?pid=20601087&sid=aOgtb55xDvP0&refer=home

China, the world’s second-largest energy user after the U.S., increased crude-oil imports by 12 percent last month as the country took advantage of falling fuel purchase costs to boost stockpiles.

Imports rose to 14.37 million metric tons from a year earlier, the Beijing-based Customs General Administration of China said on its Web site today. Full-year imports increased 9.6 percent to 178.9 million tons.

asr: full year import increase of 9.6% ( in 2008 compared to 2007 ) is really big number so this projection in 2008 June time when oil hit 147 , justifies till some extent high 147 when china expected to increase import 10% ( AND projected more as economy improves as is the thought as of JUNE 2008 )

3) Commodities Drop

Most commodities declined yesterday because of falling demand for raw materials, with corn, soybeans and wheat dropping the most allowed by the Chicago Board of Trade in a single day. The Reuters/Jefferies CRB Index of 19 commodities slid as much as 4 percent.