By Sarah Kent

LAUSANNE--Strong oil demand in the first months of the year is pointing to an uptick in consumption amidst the deepest price slump since the 2008 financial crisis, a panel of commodities traders told an industry conference Tuesday.

Vitol, the world's largest oil trader, sees oil demand increasing by 1.2 million barrels a day this year, almost double its rate of growth last year. BP PLC's (BP) trading arm is expecting oil demand will be at the top end of forecasts this year at around 1.4 million to 1.5 million barrels a day.

Write to Sarah Kent at sarah.kent@wsj.com

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