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It’s going to take months for oil demand in the world’s third-biggest market to get back to pre-virus levels as India faces its deepest recession ever in the wake of its near two-month lockdown.

Canadian and Alaskan crude that normally travels to the U.S. West Coast is finding a market in China, where demand is almost back to pre-pandemic levels.

Oil prices fell even as supply curbs tightened the market and demand rebounded with the reopening of major economies.

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.