NEW DELHI: Asia’s gasoline crack rose to a record high for a second straight session on Wednesday as US inventories declined and easing COVID-19 curbs in China boosted hopes of fuel demand recovery.

The crack climbed to $33.91 a barrel, up $1.88 from last close. In physical markets, energy trader Vitol purchased 50,000 barrels of the higher 95-octane grade of motor fuel.

Shanghai granted approval to 864 of the city’s financial institutions to resume work after seven weeks of lockdown, three sources said.

Markets have realized we need supplies to meet summer demand, a trade source said, hence the margins are rallying.