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Commodities Briefing - Categorized | Market Moves, Oil more

Economic downturn taking toll on oil demand - OPEC

Posted on 18 October 2011

Oil producing group OPEC cut its global oil demand growth forecast for a fourth consecutive month on Tuesday. It cited economic downturn in developed countries and efforts by China and India to curb fuel consumption. “The economic downturn is taking its toll on the world oil demand,” OPEC said in its monthly report.
“The decelerating U.S. economy, high unemployment rate and feelings of uncertainty among consumers, has damped U.S. oil demand. Similarly, debt problems in the euro zone are causing EU economies to lose some of their estimated growth this year.”………………………………………Full Article: Source


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