HSBC's King Says China Holds the Key to an Oil Rebound - Bloomberg Business: "“If you look at the path of oil prices, the surprises to oil prices over the last 15-20 years, they closely correlate to the waxing and waning of the Chinese economy,” King said. “The China slowdown is probably the biggest single influence that is depressing oil and other commodity prices, it’s not just a supply-side story.”
China has become a battleground for oil producers who are seeking to defend sales amid a worldwide glut. As the 12-member OPEC group prepares to meet next week, Venezuela has warned that crude could drop to as low as the mid-$20s a barrel unless action is taken to stabilize the market."
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