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Chinese oil demand is all but back to levels last seen before Beijing imposed a national lockdown to fight the coronavirus outbreak, according to people with inside knowledge of the country’s energy industry.

Oil was near the highest in six weeks as major producers slash supply, and there are increasing signs that demand is recovering.

Oil surged to the highest level since early April on an improving outlook for crude demand, alongside a rally in broader markets.

Oil fell despite the first U.S. stockpile decline since January.

While the global oil market remains in a dire situation, it’s starting to look like the nightmare scenario envisioned for the past month might just be averted.

Oil fell in a day of wild price swings as investors weighed supply-and-demand fundamentals against Saudi Arabia’s global price hike.

Oil surged after Saudi Arabia raised prices for its crude globally.

Oil declined as data showing rebounding demand wasn’t enough to offset ballooning inventories.

Oil’s recovery from last month’s epic plunge accelerated as production cuts start to whittle down a supply glut and more economies ease their coronavirus lockdowns.

U.S. stocks kicked off the week on a positive note, rallying late in the session to close higher as crude oil gained for a fourth consecutive day.