Why There’s Still Room For Oil To Go Higher

Crude oil prices are on the rise again after a short reversal of fortunes prompted by a huge crude oil inventory build reported by the U.S. EIA last week and renewed worry about demand. And the reason they are rising is, in fact, demand from China and India. China has been the main driver of oil prices this year because of its massive refining capacity and growing storage capacity. To fill up its reserves, China went on a buying spree earlier this year, when oil was at its lowest, battered by the Saudi-Russian price war and the looming pandemic.…