China crude imports hold at 7.2M bpd in Sept, extending recovery from June low

China's September crude imports are tracking at ~7.2 million bpd, flat versus August and continuing a gradual recovery from the decade-low in June. Cargoes were purchased at sub-$100 prices before the recent price surge, suggesting a lagged impact. The steady import pace signals resilient Chinese demand despite high spot prices, supporting global oil market stability.