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China emerging as No. 2 importer of US crude oil

American oil producers have found a loyal customer in China, which has purchased almost 100,000 barrels of US crude per day on average in the first five months of 2017 -- a tenfold increase over last year's average. In May, China bought 147,000 barrels of US oil per day on average, second only to Canada, and the volume is expected to surge as long as US oil prices continue to trade at a discount to Brent and Dubai crude.

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