China’s Stockpile of Oil Helps to Bolster Prices

Evidence is mounting that China is buying more oil than it consumes, raising fears that oil hoarding may be supporting the current high price of crude.

The signs of aggressive Chinese stockpiling emerge from research by Merrill Lynch, the investment bank, which suggests that China is importing crude and refined products at twice the rate of growth in actual demand.

Rampant economic growth in the People