The International Energy Agency (IEA) is optimistic about the demand prospect of the oil market. Fatih Birol, director of IEA, said on 5th that China's economy may rebound stronger than expected, thus boosting the demand for oil and gas. It is estimated that the global oil demand will increase by nearly 2 million barrels this year, and the demand in China is expected to reach about half of this expectation.

Overall, the oil market demand expectation has improved. Gui Chenxi, chief energy analyst of CITIC Futures, told reporters that China's oil demand repair began to be realized.