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Oil Bulls Buoyed by Chinese Traffic Jams and Busy Factories

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An oil tanker arrives at Zhoushan port in Zhejiang Province on April 10. Asia is currently in the midst of the peak refinery maintenance season that runs over March and April.
An oil tanker arrives at Zhoushan port in Zhejiang Province on April 10. Asia is currently in the midst of the peak refinery maintenance season that runs over March and April.
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Chinese traffic and factory activity is not only back to normal, it’s surpassing pre-virus levels, underpinning the global oil demand recovery.

The robust consumption from China -- the world’s biggest crude importer that’s also on track to become the No. 1 refiner this year -- offers support to oil bulls. That’s especially true because India, Asia’s other main demand center, is dealing with a brutal new wave of the coronavirus that’s leading to deserted streets and itinerant workers fleeing major cities.