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The coronavirus pandemic has severely damaged the global economy. Oil demand has fallen significantly due to the global isolation.
However, many countries are lifting the quarantine measures and demand is growing slowly. According to Goldman Sachs experts, international flights, car trips, and increased government spending on infrastructure will help oil demand to return to pre-crisis levels by 2022.
Oil demand is expected to fall by 8% this year. In the following year it would grow by 6%. And in 2022, demand would return to the level that was before the COVID-19 spread around the world.
The Bank said that demand is recovering thanks to the lifting of restrictions in many countries. However, the required level is still far away. Experts have suggested that gasoline demand will revive faster than other petroleum products. Demand for jet fuel will not recover soon, because people will refrain from traveling until a vaccine appears or the virus is defeated.
Meanwhile, the latest news is not good for the markets. In the US, the number of new infected people is growing rapidly. The threat of a second wave of coronavirus, which will easily nullify the demand recovery, has hung in the world.
Brent crude oil rose in price by 0.10% to $42.07 per barrel. WTI crude is trading at $39.80 a barrel.
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