India has projected oil demand to return to pre-pandemic levels by the end of this year as the country emerges from the devastations caused by Covid-19.
- India, which has been hit hard by the coronavirus, has seen sales of gasoline and diesel plunge by about 30% between April and May from 2019 levels.
- The country has been experiencing recovering fuel demand since the start of June as daily infections decline, which has boosted a bullish narrative of the commodity.
- India still faces price pressures that could dampen demand recovery, with the country importing about 80% of oil.
- India is under pressure to seek alternative oil suppliers and energy sources amid rising prices.
Analysts are projecting a $100 a barrel of Brent Crude, after rallying at least 40% this year
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