Oil Prices Hinge On China’s Next Move

“The passage of oil tankers through the Strait of Hormuz has been slowed significantly by the persistent cycle of hostility between the United States and Iran. But whether prices at the pump rise or fall will depend not only on how much oil flows out of the Persian Gulf but also on decisions made by China,” the New York Times reports.

“Typically the world’s largest oil importer, China slashed purchases this spring, reducing demand by so much that it prevented oil prices from soaring even higher earlier in the war.”

“Now, one of the biggest questions facing the market is: When will China start buying more oil again?”