Oil price hits $102. China holds the key.

📡 CNBC Top News 16h ago · 1 min read ·

Part of composite article Saudi Pipeline Shut, Houthis Seize Red Sea Strait as Oil Tops $102 View full article →

U.S. crude oil closed above $102 per barrel on Thursday. This is the highest price since May. The price round trip is now complete. Oil has returned to the $100 mark. The next move depends on China. China is the world's largest importer of oil. Its demand dictates global prices. If China buys more, prices rise. If China slows down, prices fall. All eyes are now on Beijing.