According to the traders, the oil price of the West Texas Intermediate was affected by the report of the American Petroleum Institute on Tuesday,... (Dec,21)
China is unprecedentedly increasing its strategic petroleum reserves and this factor will soon influence OPEC efforts to control market prices.
China has put its strategic petroleum stockpiling on the agenda since the past decade, but the magnitude of its storage tanks has remained confidential.
The Silicon Valley Technology Company has declared that Chinese are expected to stockpile 600 million barrels of crude oil by the end of the year and this amount will be higher than US petroleum reserves.
The amount of crude oil imported into China has become a record, and this provided a wave of concern for OPEC.
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