China Demand for oil

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China is buying heavy equipment and sparking a big rally in iron ore prices. In their latest Q1 conference call, Caterpillar
Inc. said it is encouraged by improvement in demand for heavy machinery in China.
“Infrastructure projects are starting, and for the first time in a few years, we’re seeing stronger demand from China.” --
Caterpillar CFO Brad Halverson.

This is bullish for oil prices.