It’s Asia to the Rescue Again as Oil Demand Wavers Elsewhere
- Chinese crude buying for January is aiding global sentiment
- Indian diesel sales higher year-on-year in early October
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As a second virus wave menaces Europe and the U.S., Asia is back in a familiar position: acting as a bulwark against faltering oil demand.
A surge in infections in Europe is already spurring more stay-at-home measures, while the U.S. reported record new cases for a second straight day. That’s evoking memories of April, when it was only the rapid rebound in Chinese consumption that kept prices from plunging even further than they did.