China Single-Handedly Props Up Oil Prices

With India in the clutches of a new wave of Covid-19 infections that has all but locked the country down, China has remained the one big oil consumer that is thriving and driving demand up. Bloomberg reports that factory activity in Asia’s powerhouse has returned to pre-pandemic levels. So, too, has traffic. Both are strong, bullish factors for oil prices. One analyst told the news outlet that demand for oil in China next month could be as much as 20 percent higher than it was in May 2019, thanks to these developments. China has been stocking…