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Oil Glut Hits as China Pulls Back | Durham News
Oil’s crashing after a flood of 60 million barrels—stuck since May—finally hits the market, fueled by Saudi Arabia, UAE, and the U.S. Strategic Reserve ramping up exports. China’s vanished as a buyer, leaving crude selling at steep discounts, forcing traders to stockpile. Gas prices haven’t dropped yet, but they’re coming—and could slash costs across trucking and manufacturing. For Texas and Oklahoma, though, falling prices mean layoffs and budget cuts. The Fed’s caught in a bind: lower energy helps inflation, but past dips misled them. The key question? Will China return to the market—or…
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