China's Oil Reserves Defy Expectations as Prices Top $100

Oil prices have surged past $100 a barrel due to fresh geopolitical tensions in West Asia. However, analysts are surprised that prices haven't climbed even higher.

The reason for this, according to Senior Oil Market Analyst June Goh at Sparta Commodities, is China's reliance on its massive strategic oil reserves.

China has an estimated 1.17 billion barrels of crude oil in these reserves and hasn't been buying as much oil from the global market as expected.

This has prevented demand from surging just as global supplies have come under pressure, according to Goh.