Implied oil demand reaches new high in June

IEA expects full-year consumption to grow by 3.3 percent on auto use, diesel forecast lowered

China's implied oil demand rose in June to its highest level since January 2013 as crude runs hit a record high, although there were still doubts that the numbers reflected a healthy economy.

Analysts remain cautious about the broad economic outlook in the world's second-largest oil consumer, noting that faster-than-expected growth in the second quarter was driven more by government support than by genuine momentum.