Bloomberg is reporting:
China will surpass the U.S. by
October to become the world’s biggest net oil importer on a
monthly basis, the Energy Information Administration said.
Imports by the second-biggest oil-consuming country will
reach 6.45 million barrels a day, surpassing the U.S.’s 6.23
million, the EIA, the Energy Department’s statistical arm, said
in this week’s Short-Term Energy Outlook. On a yearly basis,
China’s overseas purchases will surpass the U.S.’s next year.
And that's what I think drove the price of oil up today.
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