Oil Prices Rebound As U.S. Inventories Dwindle

Traders remain concerned about the increasing number of COVID-19 cases in many parts of the world including the United States, India and Brazil. The rise in infections continues to have a negative impact on global oil demand in August.Last week, India had reported its fifth consecutive y/y decline in oil consumption with July’s figures showing a 11.7% y/y decline in refined product consumption. This includes a decline in diesel and gasoline consumption by 19.3% and 10.3% y/y, respectively, leading to Indian refineries…