China Could Be About to Remove Oil's Biggest Safety Net
Source: Oilprice.com
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DW NOTE
China stockpiled 1.1 billion barrels of crude between 2020 and 2024, building the world's largest strategic reserve after the U.S. Now Beijing signals it may sell. If the Politburo puts even 10% of that reserve into spot markets while Hormuz passages remain choked, Brent prints a handle nobody's modeled for.
Oil prices hit the $100 per barrel mark early on Wednesday in Asian trade as the ongoing crisis in the Middle East has diminished hopes of U.S.-Iran talks and a return to normal oil flows soon. As of early morning trade in Europe on Wednesday, the international benchmark, Brent Crude, jumped by 2.2
Bitcoin advanced to as high as $79,700 while Brent crude topped $100 and European shares fell, leaving crypto tracking gold rather than equities.
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