China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, analysts and traders say.
Crude oil prices moved higher after the EU upped its growth forecast the day after the Saudi Foreign Minister Abdel Jubeir said the Saudi led coalition would consider ending airstrikes in Yemen for humanitarian reasons.
Retail gasoline prices have hit their high for the year, but the news is not all bad. Despite the fact that AAA says prices have risen 17 cents a gallon, hitting $265 per gallon, prices are a lot lower than a year ago--and taking into consideration the fact that crude oil prices have soared, it could have been a lot worse.
The old adage proves true, that low prices cure low and crashing prices, and at least in oil, it is always followed by a big time recovery. According to data provided by Price Asset Management, history would suggest that prices of oil usually come back quicker than most people think.