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. Now reserves may be full, but Chinese companies are still buying—and driving prices higher. Bloomberg reported this week Chinese and Indian refineries are buying more crude oil than last month, pushing prices up, in some cases by as much as $3.50 per barrel over the benchmarks. The spot market has […]