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Oil Surges To $95 As China Crude Stockpiles Hits A Record 1.14 Billion Barrels

After languishing a multi-year lows until the end of June in the low/mid-70s range after Biden drained over 270 million barrels from the SPR to a near record low in hopes of pushing the price of gasoline lower and achieving short-term political goals…

… oil has since surged by more than $20, or 32% since the low of $71.57 on June 28, its fastest ascent since the start of 2022, a rally that was sparked by Saudi Arabia’s decision to voluntarily cut an additional 1 million bpd of production in addition to the reductions agreed by the OPEC+ group…

7 thoughts on “Oil Surges To $95 As China Crude Stockpiles Hits A Record 1.14 Billion Barrels”

  1. Insanity!!! Why is this being allowed to happen? I’m sure China is shaking they’re heads in total disbelief and amazement at what the USA is inflicting upon itself.

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