January contracts, the most actively traded on the Dalian Stock Exchange, fell 0.07% to 765 yuan (US$107.45). Last week, crude actually fell by more than 5% on the Chinese stock exchange.
ANZ analysts write that inventories are rising amid weak dynamics involving increased crude imports and a decline in steel manufacturing in the country.
In addition, Hebei Province once again imposed cuts on domestic steel production, citing environmental concerns, adding pressure to the crude demand issue.
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