I posted earlier on how the world’s biggest independent oil trader, Vitol, views oil usage:
A little more now, this time on China:
- expects net additions of gasoline-fueled cars in China to rise by 12 million units this year and by 11 million in 2024
- there are some concerns about China’s construction sector but there are “green shoots of hope” for the nation’s oil demand
- gasoline and jet fuel consumption is still growing
Oil price update, not catching much of a bid from China optimism for now:
This article was written by Eamonn Sheridan at www.forexlive.com.