According to Bloomberg, global demand for oil is recovering due to strong consumption in Asia and Latin America, along with the resumption in Europe, which offsets new signs of weakness in the United States.
In November, when several European countries imposed new lockdows to combat the spread of Covid-19, the sector suffered an impact. By the way, demand for gasoline and diesel accelerates again, according to an index compiled by Bloomberg News.
Last week, the index recovered to its highest level in two months, suggesting that the impact of the latest wave of outages due to coronavirus in global oil demand has faded for now. Road use showed a drop of 24% last week compared to pre-pandemic levels, but showed an improvement compared to mid-November, when the drop was 30%.
The consumption of gasoline and diesel is already strong in China, India, Japan and Brazil. Now European drivers are back on the road, while governments ease nationwide restrictions in countries such as the UK, Spain and France.