Oil Market Heads for a New Rally on Hormuz Risks and Chinese Demand Rebound
Oil prices look set to rise as global inventories fall and China ramps up crude purchases, while renewed Hormuz and Red Sea shipping risks threaten Asian supply. Energy Aspects’ Amrita Sen calls this an oil-market inflection point and a potential upward spiral for crude and products, with prices already crossing $100/bbl as about 120 million barrels have been pulled from inventories in the past two weeks and China’s September crude imports are expected to be around 10 million bpd.