China’s renewed crude buying is tightening global supplies and adding fresh upward pressure to oil prices.

Chinese oil demand surges, pushing Shanghai crude above $100. New all-time high by September 30 at 1.3% YES, by December 31 at 9.5% YES.

SINGAPORE — Global oil benchmark Brent crude has rallied this month but stayed below US$100 a barrel despite recent escalation in the US-Iran conflict that has disrupted Gulf…