China news agency Xinhua says that the country’s imports of crude oil rose 18% in the first eight months of the year to hit 108.2 million tons. "From January to August, China imported 110.4 million tons of crude oil and exported 2.18 million tons, said the General Administration of Customs (GAC)." And economists wonder whether the price of oil will continue to rise from its current level of $80.
OPEC recently agreed to raise oil output, but only by about 2% beginning next month. In the meantime, concerns about future production capacity appear to get worse. "The two arguments against 100-dollar oil, the ability of technology to raise new supply and the ability of prices to limit demand, are falling quickly by the wayside," said Jeffrey Rubin, an economist at CIBC World Markets told AFP news. And, his comments came before the news from China.
A CIBC report notes that China consumes more than double its daily production of 3.5 million barrels, while other fast-growing Asian nations like India, Malaysia and Thailand are also boosting petroleum use.
The move toward $100 per barrel oil has begun to look inevitable.
Douglas A. McIntyre
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
