China Is Hoarding Crude Again, And That’s Great News For Oil Prices

After recording the worst monthly loss this year in August, the oil markets have kicked off trading in September on a much brighter note on a trifecta of positive developments. Crude oil prices have been inching up after OPEC+ agreed to keep its current production agreement in place, in effect maintaining the 400K bbl/day hike scheduled for October, thus signaling that the markets are healthier than earlier feared. Reuters has also reported that OPEC+ will raise its 2022 oil demand growth forecast to 4.2M bbl/day from its previous outlook of 3.28M…