Rising incomes in China are offsetting the impact of its industrial deceleration and propping up global oil prices. China is using more gasoline, which is making up for its declining demand for diesel used in industry and the trucking sector. The increase is being driven by a growing consumer class with higher disposable incomes, which is translating into more car ownership. That, in turn, has helped underpin Chinese oil demand and has kept the country on track to overtake the U.S. this year and become the No. 1 oil importer. Chinese imports of crude oil, more than half of which are used to make gasoline and diesel, are an important element of support for oil prices as the U.S. relies more on domestic shale oil. China’s January-April crude imports increased 11.5% on a year-to-year basis, with April imports soaring 21% to a record 6.8 million barrels a day. Over […]