There's an essential part of the oil market that everyone's ignoringGet the Full StoryChinese demand for oil is strong, and it's running a huge account deficit in oil.
All eyes are on middle east tensions, but China will drive a lot of growth in oil.
For a number of reasons, especially China's demand, expect oil prices to climb in the near future.
The world is currently watching the growing tensions in the Middle East, and oil market analysts are guesstimating just how much Iranian oil supply the renewed U.S. sanctions could stifle.
Yet, the biggest story in oil markets this year may well take place far from the much-publicized tensions in the Middle East namely China s ever-growing oil demand.See the rest of the story at Business InsiderNOW WATCH: Jeff Bezos reveals what it's like to build an empire and become the richest man in the world and why he's willing to spend 1 billion a year to fund the most important mission of his lifeSee Also:Goldman Sachs says oil prices are going to spikeRussia's oil revenue is about to soar 100 oil isn't as painful as it used to beSEE ALSO: Google and Facebook will be big winners if casinos 'scorch the earth' on marketing after the federal ban on sports betting was overturned