FILE - In this Nov. 6, 2013, file photo, a Whiting Petroleum Co. pump jack pulls crude oil from the Bakken region of the Northern Plains near Bainville, Mont. Discoveries of vast reserves of oil and the slow progress of alternatives in recent years has given rise to a very different outlook on oil prices. (AP Photo/Matthew Brown, File)

Oil may be up 75%, but here’s why it will remain cheap

We have heard so much over the last couple of years about how slowing Chinese growth has pushed global commodities into a long-term bear market that it can come as a shock to realise that the price of the most important commodity of all – oil – has risen 75 per cent since January.