Oil rebounded about $3 a barrel on Friday in response to views now gaining ground that a fuel price increase by China may actually boost rather than curtail demand for fuel.
Initial forecasts suggested the move by China, the world's second-largest oil consumer, would hurt demand, but some analysts now say consumption will rise as the price increase will encourage healthier supply at the pumps.
Chinese fuel pumps have faced long queues and rationing as refiners cut back on production to limit hefty losses made by selling discounted fuel.
Demand from China, India and the Middle East has been cited as a factor behind oil's almost sevenfold surge from $20 six years ago to a record high of nearly $140 a barrel.
That leads to our Fast Money Reader Poll. Do you think consumption in China will rise even as the price at the pump increases?
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