Oil rallies in Asia as Saudi Aramco sees recovery in demand

The Business Times | Aug 10, 2020 at 2:00 AM
  • Oil clawed back lost ground in Asia after Saudi Arabia’s state-controlled producer said it expects energy demand to improve.
  • Oil consumption in Asia, Aramco’s largest regional market, has almost returned to pre-coronavirus levels and the company’s performance and demand for energy will probably improve over the rest of the year as nations ease coronavirus lockdowns.
  • But the spotty recovery in oil consumption is restraining a potential breakthrough, with crude imports into China shrinking in July.