China Is Still The Biggest Driver Of Oil Prices

Oil prices settled on Thursday at their highest level since December 1 as the market is turning bullish on China’s oil demand this year.  The Chinese reopening is set to drive oil demand growth and push oil higher if most of the developed economies manage to avoid recessions, analysts say.   China likely accelerated the pace of crude oil stockpiling last year, according to estimates by Reuters’ Asia Commodities and Energy Columnist Clyde Russell based on Chinese data on imports, domestic production, and refinery processing…