China Is Hoarding the World's Oil
- Goldman Sachs says Chinese hoarding may avert $20 oil scenario
- Price dips seen as green light for crude stockpiling in China
The Price of Oil in Terms of Demand
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Even after China’s slowing economy dragged crude to a six-year low, oil’s second-biggest consumer remains the main safeguard against a further price meltdown.
While China’s surprise currency devaluation helped trigger Brent crude’s slump to about $42 a barrel last month, the nation’s stockpiling of oil can staunch further losses.