Chinese hoarders 'are causing oil price boom'

THE big rally in the oil price in recent weeks is down to Chinese stockpiling, a leading energy industry analyst has claimed.

Oil industry experts Bernstein Research say they have been spying on the world’s third-largest economy and have concluded China is actively hoarding supplies.

After the spectacular crash in the crude price last year following an all-time high of $147 a barrel, oil has soared again this year, up 70% since mid-January. In the past four weeks, the oil price has jumped 25% to trade around the $60-a-barrel level again.
EveningStandard