High oil price eroding demand globally even as US glut swells
Reuters reports high crude prices have dented global oil demand in the second quarter according to oil majors BP, Shell and ConocoPhillips, in a trend likely to be repeated in the second half of the year if prices stay high.
Brent oil prices spiked to $127 a barrel in April, close to the all-time high of $147. However, the price oil sands exporters receive weakened further against the global benchmark on Thursday with West Texas Intermediate fetching $97 as the first of 60 million barrels from the Strategic Petroleum Reserve reach markets.