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.
