Oil Price: encouraging news from India - Covid-19 inefection rates down; diesel usage up

 

weekly oil price

There is some good news from the world’s third biggest consumer of oil, India. This week, it was reported that India’s Covid-19 infection rates is down significantly.

By coincidence, as if in proportion to the sentiment, the usage of diesel has gone up as well, indicating the recovery of industry output and the transport.

Unlike during the first wave, people exercise caution while mingling in public; the use of mask may have made a difference too. The death rate stays very low as well.

In short, people are slowly adapting themselves to live with it – the New Normal.

That means, the industrial activities across the world will limp into action in the coming weeks the rest will follow.

Since a solution to airline crisis does not seem to be in the offing yet, the price of jet fuel may not reach the pre-pandemic level, though.

The revival of economies, both in Asia and Africa, will provide the Western world much needed impetus to emulate the success in the coming months.

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