In July, China's imports of US oil rose to their highest level in 18 months.

In July, ships in the US loaded more than 300,000 barrels a day of oil for China, compared with less than 60,000 barrels a day in the previous two months.

Sinopec is stocking up on crude oil in hopes of increasing demand in the fall.

China reduced imports from Russia. In July, Sinopec took three from the Russian far east.

Russia's invasion of Ukraine in February caused global energy markets to go into a tailspin.

China and India have stepped up purchases of Russian oil as Western buyers have stopped buying it.

According to their report, the appeal of US oil looks to continue in August.

They noted that Chinese appetite for US crude has remained strong.

They said that imports from Russia appear to be picking up again.

The price of US oil has become more attractive to buyers as it has become cheaper than the international benchmark.

The US exported a record amount of goods in July, as the discount on WTI was at a three year high.

Fears that the world is heading for a recession have caused the price of oil to fall.

The price of oil was little changed on Wednesday at $92 a barrel, down from $92 a barrel a month ago.