Streategists at Commerzbank note that demand concerns still predominate on the oil market amid reduced demand in China. 

Oil demand weakening noticeably in China

“Unless demand picks up noticeably in China or more fuel exports are allowed, refineries are hardly likely to want to import more crude oil. 

“If this does not change in the remaining months of the year, Chinese crude oil imports are set to decrease for the second year in a row, resulting in the lowest annual import volume since 2018.”

“For now, the days when China served as the engine of global oil demand are a thing of the past. And this will do nothing to ease concerns about demand on the oil market.”