According to The Kobeissi Letter, the rise of electric vehicles in China is exerting pressure on oil prices, as the market adjusts to the increasing electrification of transportation. Notably, 50% of new cars sold in China are now battery-powered, highlighting a significant shift that traders must consider when evaluating oil futures.

According to The Kobeissi Letter, the rapid rise of electric vehicles (EVs) in China is putting downward pressure on oil prices. The oil markets are now factoring in the electrification of transportation, as 50% of new cars sold in China can run on batteries. This significant shift highlights the increasing relevance of EVs in the market, which was once seen as a distant trend but now plays a crucial role in the oil pricing strategy.