China’s Attempt To Kill The Oil Rally Is Bound To Fail

In normal times, an announcement from China that it would release crude from its strategic reserves would drive oil prices down, but these aren’t normal times and the relentless oil rally has continued.Friday, January 14th, 2022It may seem somewhat counterintuitive for the oil market to shake off news regarding a potential Chinese SPR release, but that is exactly what has happened this week. With the mood still firmly bullish on the back of a weakening dollar, Libyan supply issues, and lower-than-expected OPEC+ output, the oil price rally was driven…