| Oil closing in on $50 per barrel has little to do with supply. Sure, stocks have dwindled somewhat in the U.S. and China is slowing down but what about the fact that three of the world’s biggest oil producers are in a pumping war to capture market share in China and Europe?
Russia seems to have discovered China about a year or two ago. It’s building new pipelines. It’s signing deals between state owned enterprises. Oil is flowing. The Saudis are getting nervous as Russia eats into its China market. They’re shipping even more crude to China and some say they are doing it below market prices, taking a loss just to keep Aramco in China’s good graces...............................................Full Article: Source
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