Oil Price: cloudy outlook with bearish tendencies
The slow growth rate of China's GDP, around 5% according to the latest forecasts, coupled with the falling gas prices, is clearly inhibiting the potential rise of global oil prices. China, the world's top oil importer and second largest consumer after the US, enjoyed four decades of robust growth that used to be close to 10% - the envy of the developed world. The latest data from China's Bureau of Statistics, the world's second largest economy is heading towards its own new 'normal' - a relatively modest growth around 5%. Although China still manages to keep its economy growing despite many headwinds, the concerns on many fronts eclipse the growth picture: its frosty relationships with the West, uneasy diplomatic relations with the neighbours, especially around the South China Sea and of course, its troubled neighbourly relationship with India, the world's third largest consumer of oil, to name but a few. The latest concern over China's growth comes in
