China’s Holiday Rebound Points to Upside for Global Oil Demand
- More than 300 million trips made over Lunar New Year break
- Travel exceeded pandemic years, still below pre-Covid levels
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A robust rebound in Chinese travel over the Lunar New Year holiday has boosted optimism in the outlook for oil demand.
Gasoline and jet fuel consumption jumped during the week-long break as people took the opportunity to travel after the nation dismantled its restrictive Covid Zero policy last month. Trips exceeded those of the pandemic years, but were still below pre-virus levels.