- Strong policy intervention needed on energy use
- Or else the world economic recovery will be at risk
- High fuel prices has dented oil consumption in OECD but developing countries saw rebound
- Higher prices, deteriorating economic environment have started to take a toll on demand
Just a bit of elaboration on both sides of the story in the oil market right now. All things considered, oil is still keeping rather resilient and though prices have come off recently, the technicals are still holding on. WTI crude is still keeping afloat at support around $95 with the 200-day moving average also providing some assistance today:
