On June 18, 2020, Sina US Stock Exchange reported that Trafigura Group, a top commodity trading company, said that global oil demand had returned to about 90% of the level before the outbreak of the coronavirus. Three months ago, the company took the lead in issuing a warning that the epidemic led to a rapid decline in consumption.
      "Oil demand is picking up," Ben Luckock, the company's co head of oil trading, said in a telephone interview. He added: "Globally, we may have recovered to 90% of the normal level, but the exact percentage will vary from region to region."
      As one of the three largest independent oil traders in the world, Trafigura has key advantages in the global oil market. The company processes about 6 million barrels of crude oil and refined products every day, enough to meet the combined demand of Germany, France, Spain and the United Kingdom.
      Trafigura was one of the most bearish oil companies in March and early April when governments restricted the movement of billions of people to prevent the spread of the virus. It once predicted that the daily demand for oil would drop by more than 25 million barrels, a figure that initially caused a sensation, but later was widely accepted. Since then, the company has found that oil consumption has improved significantly, especially in Asia.

      Luckock said that the oil market is finding a new balance point with the recovery of demand and the progress made by the OPEC+alliance in complying with the production reduction.

      "At $40 a barrel, you can go up and down a few dollars. But for the first time in months, you can see a range," he said. "This stability of the market will continue."