Global oil demand has rebounded somewhat faster than previously thought, although the spread of the coronavirus in the United States and Latin America is “casting a shadow over the outlook,” the International Energy Agency (IEA) wrote in its latest Oil Market Report. The last few weeks have seen crude oil prices trade in a “remarkably stable” trading range, and according to the futures market, traders anticipate that the historic surplus seen in the second quarter will give way to a deficit in the second half of the year. Global oil demand declined by 10.75 million barrels per day (mb/d) in the second quarter, the IEA confirmed. That should improve to down only 5.1 mb/d in the second half of the year as large parts of the globe bounce back from lockdowns. In fact, the IEA revised up its forecast for full-year demand to 92.1 mb/d, which is roughly 0.4 […]