China crude oil reserves down 4%

China's commercial crude oil stocks were down 3.89 percent at the end of December from a month before, while stocks of refined oil products dropped 4.02 percent.

In December, China imported 30.1 million tonnes of crude oil, a sharp rise from the previous month, and produced 18.3 million tonnes domestically.

Gasoline stocks fell 3.16 percent as lower oil prices boosted consumption. Diesel stocks rose 13.6 percent due to poor industrial demand.

The stocks of kerosene fell 4.27 percent as the holiday travel peak increased air traffic.

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