Goldman Sees Modest China Oil Import Growth Amid $100 Brent

China's crude oil imports are expected to rise modestly in the fourth quarter due to high prices, according to Goldman Sachs. The bank estimates that imports will increase by only about 600,000 barrels per day (bpd) from the third quarter.

In August, China imported 8.93 million bpd of crude oil, a 6.2% increase compared to July and a recovery from the decade-low seen in June.

Goldman Sachs notes that high prices, with Brent hovering around $100 per barrel, are unlikely to trigger a significant rebound in China's imports.