For The Archives: China Will Become World's Biggest Net Oil Importer In Three Months (Almost Two Years In Dog Lives)

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.