Bloomberg reported that China, the world second biggest oil consumer increased crude imports in May to a record high as refineries raised processing rates and oil prices declined.

According to data published Beijing based General Administration of Customs that the country bought a net 25.3 million tonnes or 5.98 million barrels a day more than it exported last month. That compares with the previous high of 5.87 million barrels a day in February.

The jump in oil purchases helped spur a 12.7% gain for the nation imports last month, exceeding economists estimates. Refineries boosted processing rates last month as some facilities resumed operations after scheduled maintenance while Brent oil in London entered a so-called bear market on June 1 after sliding more than 20% from this year peak.

Mr Gong Jinshuang a Beijing-based senior engineer at China National Petroleum Corp the nations biggest oil company said International crude oil prices have been falling in the past two months, so more crude was probably shipped in to fill commercial and state emergency stockpiles as prices could rise again

Purchases cost an average USD 120 a barrel, compared with about USD 123 in April. China imports of crude were 25.48 million tons in May while exports were 180,000 tons.