LONDON -- The oil markets have never been awash in so much crude. Global benchmark prices are hovering at 12-year lows of around $30 per barrel, and stockpiles -- already at record highs -- look set to keep swelling. There is talk of prices tanking to as low as $10.
Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas, sees China's unstable markets as a potential trigger for a further slide. "If China's equity markets tumble again on fears of weaker economic growth, oil is unlikely to remain immune to cross-asset correlation."
