China’s Efforts To Curb Oil Prices Are Futile

Crude oil imports into China dropped by almost 15 percent annually last month. While substantial, the drop is no reason for worry because it was caused by refinery maintenance season. What could be a reason for worry are rising benchmark prices. Brent crude topped $72 per barrel for the first time in two years at the end of last week, with West Texas Intermediate briefly touching $70 before retreating. The reasons for the rally were tightening supply as demand for fuels began to improve in reopening economies in Europe and North America. This tightening,…