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Global oil traders Vitol and Trafigura expect the resurgence of coronavirus across Europe and the US to hurt fuel demand, according to Reuters news. 

Key quotes

Trafigura’s Executive Chairman & Chief Executive Officer Jeremy Weir said a second virus wave would see oil demand destruction at about 1 million barrels per bay (bpd) in the United States and 1.5 million bpd in Europe,

Vitol CEO Russell Hardy said the latest European lockdowns definitely will affect demand by half a million barrels a day across Northwest Europe.

Vitol’s Hardy foresees Asia’s oil demand rising by about 1 million bpd over the next few years.