China’s crude oil throughput rose 2.6% in October from a year earlier to hit a record high as fuel demand firmed on strong holiday travel

The IEA cut its 2020 oil demand forecast, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day

The preventive and compulsory social isolation ordered by the national government had an immediate effect on fuel demand, and oil and petrol stations registered an initial drop in sales of up to 85% across the country