Road and air traffic in China, the world's second-biggest oil consumer, has rebounded sharply after a significant easing in the country's COVID-19 restrictions, boosting the outlook for fuel demand and supporting crude prices.
After almost three years of pursuing a policy targeting zero COVID cases, China last week abandoned many key curbs, including dropping frequent virus testing, relaxing quarantine rules and scrapping travel tracking.The changes immediately triggered a significant rise in mobility, with road and air transport picking up for the first time in almost two months, according to data from the transport ministry, travel analytics firms and energy consultancies.
Areas accounting for almost 20% of China's total gross domestic product had been under some form of lockdown in November, according to brokerage Nomura, prompting rare protests against the stringent COVID measures. Daily number of trucks using expressways in China surged last week after Beijing removed some key COVID curbs
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