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Global Oil Demand Is Rebounding Again After November Trough

Thailand Marks 100 Days Without Any Local Virus Cases
Photographer: Taylor Weidman/Bloomberg

Global oil demand is rebounding after hitting a trough last month as ongoing strong consumption in Asia and Latin America, coupled with a recovery in Europe, more than offsets fresh signs of weakness in the U.S.

After wobbling in November, when several European nations imposed fresh lockdowns to combat the spread of Covid-19, demand for gasoline and diesel is accelerating again, according to an index compiled by Bloomberg News tracking dozens of high frequency indicators for road usage, and traffic in countries accounting for more than 70% of global petroleum consumption.