The Oil Siege Is Over, “The Cartel” Looks East
Vehicles pack a main road during rush hour in Beijing. China, which overtook the U.S. in late 2010 as the world’s largest oil importer, has the single biggest influence on global demand for fuels. (AP Photo/Alexander F. Yuan)
(Analysis) — Oil prices are back up and rising. The low oil spell that started in 2014 has concluded. This sudden rally, like its sudden decline, is not accidental. The new situation has definite implications for the ongoing international tension.