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Wednesday, May 27, 2009
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From BCA Research:

Oil prices reached $62/bbl this week, despite lofty U.S. oil inventories (notwithstanding this week's inventory decline) and the fact that Americans are driving much less than last year.

The higher price of oil reflects in part the upturn in Chinese oil imports and car sales at a time when oil production is lagging.

Russia continues to have difficulty boosting output and oil production has been flat for most OPEC countries. Saudi Arabia has cut production sharply. As with other commodities...

Read full article...

More on oil and China:

Chinese oil demand booming

Pickens, Yergin predict huge oil rally

Soros: China will overtake the U.S. as "economic freefall has been stopped"

Topics: Energy | Commodities
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