India COVID Crisis Could Slow Global Oil Demand Rebound

India’s grim record-setting COVID wave shows the market that the expected rebound in global oil demand this year may not be a straight line up. The world’s third-largest oil importer has seen fuel demand decline in recent weeks as record-high new coronavirus infections prompt lockdowns and curfews in many states in the country of 1.3 billion residents, limiting mobility and slowing business activity. India’s demand for diesel, gasoline, and jet fuel is expected to further decline in the coming weeks, with no sign that the health…