How much slack is left in the global oil market?

Giacomo Prandelli, the Switzerland-based founder of The Merchant’s News, explains why Brent crude’s return above $100 may be different this time, as the U.S. Strategic Petroleum Reserve runs low, refineries run hard, and the Houthis threaten the Bab el-Mandeb Strait, another major Middle East shipping route. He also explores China’s potential return to the oil market—and where Canadian crude fits into an increasingly strained global energy system amid our trade war with the U.S.

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