News Snapshot:
Worldwide efforts to contain the spread of the virus have ravaged oil markets, wiping roughly 70 percent off global prices by mid-April and leading to huge build-ups in oil and fuel inventories. “The brisk resumption of Chinese oil demand, 90 percent of pre-COVID levels by the end of April and moving higher, is a welcome signpost for the global economy,†said Jim Burkhard, vice president and head of oil markets at IHS Markit. He added: “When you consider that oil demand in China – the first country impacted by the virus – had fallen by more than 40 percent in...
