BEIJING - China's commercial crude oil inventories declined 1.89 percent month-on-month by the end of December despite a sharp rise in imports.

While net imports of crude oil increased 12.06 percent in December, the amount of oil refined also increased significantly, reducing stocks.

Diesel reserves also dropped due to more exports and higher demand as the economy stabilizes.

Gasoline stocks rose slightly as the cold weather affected travel and reduced demand for petrol.