Chinese Oil Demand Surge Drives Shanghai Crude Above $100, Brent Approaches Key Level
Shanghai crude futures rose above $100 per barrel for the first time since the Iran war as Chinese buyers ramped up imports, according to a September 7 report from Zero Hedge [1]. Brent crude climbed above $97, marking the highest level in over a month, with analysts attributing the move to renewed Chinese purchasing amid Hormuz disruptions, the report stated [1]. The shift reverses months of subdued Chinese demand that had helped restrain global oil prices, market participants said [1].
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