Chinese Gasoline Demand Is Driving Oil Prices Higher ...Middle East

It was strong demand for gasoline in China that drove the country’s crude oil demand higher, Bloomberg has reported, citing estimates from CNPC and Sinopec along with analysts. Gasoline demand in May, the data showed, was 5 percent higher than it was in the last pre-pandemic year. Diesel consumption, on the other hand, remained largely flat, Bloomberg said. The data adds to already strong evidence that China is among the biggest swing factors in oil prices. News about lower demand in China, even if it is the result of seasonal refinery maintenance,…

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