U.S. crude oil topped $102 per barrel on Thursday, its highest close since May, after surging about 50% from the summer low of $68.55. China, which had cut its imports by 3 to 5 million barrels per day to contain prices during the Iran war, is now returning to the market as refining margins soar due to the conflicts in Iran and Ukraine. Its purchases rose from 6 million barrels per day in June to around 7 million in July-August, and traders expect increased Chinese demand that could further tighten the market. Global inventories have dropped by 400 million barrels after more than six months of war, eroding the buffers that had prevented oil prices from spiking earlier this year.
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