China’s oil demand is expected to stay weak heading into May as COVID-19 lockdowns across the country curtail travel plans during the Labour Day holiday season, analysts and traders say. Millions usually travel over the five-day holiday centred around May 1, typically bolstering fuel demand. However, forecasts from the country’s aviation regulator and data firms show flights and car traffic are expected to decline, indicating lower gasoline and jet fuel demand. This will add to a trend of falling fuel demand caused by the COVID restrictions in China, the world’s biggest oil importer, that may impact the global crude market. Demand for gasoline and jet fuel will remain under pressure in May because of the restrictions on city and provincial travel, said Yuwei Pei, an analyst at Wood Mackenzie. This follows an expected drop in gasoline demand in April of 18% from a year […]