Oil prices have stabilized due to a rebound in demand and the “spectacular” drop in supply, according to a new report from the International Energy Agency (IEA). The reopening of major economies is “beginning a gradual-but-fragile recover,” the IEA said. The extent of global lockdown orders peaked at 4 billion people, but will drop to 2.8 billion people by the end of May. Global oil demand fell by around 25.2 million barrels per day (mb/d) in April, a month that the agency previously called “Black April.” For May, demand improves to a fall of 21.5 mb/d compared to the same month a year earlier, evidence that the tepid lifting of restrictions on movement has led to a slight rebound in oil consumption. U.S. gasoline data, for instance, has been inching up this month. The IEA revised up its global oil demand figure for 2020, projecting a decline of 8.6 […]