China Leads The Global Oil Demand Recovery

Global oil demand has improved over the past few weeks, led by China’s demand which has rebounded to 90 percent of its pre-coronavirus levels, while tentative signs of improvement emerge in other major economies, including the United States and India, as lockdowns are eased. In China, oil demand was at 90 percent of the pre-COVID-19 levels in April, and was expected at 92 percent of ‘normal’ demand in May, according to data from IHS Markit. “The brisk resumption of Chinese oil demand, 90 percent of pre-COVID levels by the…