China's Importance Has Been Reflected Not Only In Base Metals, But Also In Energies

Crude oil price for October delivery tries to recapture the 73 level after pulling back to around 72 earlier today. While the market remains thrilled by oil's +8% rally in the previous 2 days after huge decline in crude stockpiles, we advise a closer look at the selloff earlier in the week. It indicated that China's impact is not only on industrial metals, but also on energy market. More importantly, the impact is growing bigger and bigger. According to the National Bureau of Statistics in China, crude oil production was 109.6M metric tons from January to July 2009, down -0.9% from the same period last year.....Complete Story