Oil Markets: China becomes top crude importer

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Turning to the oil markets. China has surpassed the U.S. as the world's top crude oil importer. That's according to 2017 data from the U.S. Energy Information Administration.

The agency says that China averages 8.4 million barrels per day in imports while the U.S. remained at 7.9 million barrels. The agency cited new refinery capacity, expanded strategic reserves and a decline in domestic output for the increased imports. China became the world's largest net importer of refined petroleum and other liquid fuels in 2013.