Goldman Sachs sees oil demand returning to pre-coronavirus levels by 2022

Demand is expected to fall by 8% this year, before rebounding 6% in 2021, the bank said

Goldman Sachs said on Thursday a pick-up in commuting, a shift to private transportation and government efforts to improve economies with higher infrastructure spending should help global oil demand return to pre-coronavirus levels by 2022.

Demand is expected to fall by 8 per cent this year, before rebounding 6 per cent in 2021 and fully recovering to pre-pandemic levels by 2022, the US bank said in a note.

"Oil demand has already started to recover with the initial pace of recovery surprising to the upside in economies like China and India. Demand is still below normalised level with June demand estimated to