Thursday, May 14, 2009

Oil? No Thanks?

LONDON -- The International Energy Agency Thursday said the steep fall in global oil consumption may be nearing its trough, but cautioned that any recovery in demand for crude oil is still many months away and will be sluggish.

In its widely watched monthly oil report, the IEA, like many other analysts, said the recent jump in oil prices to six-month highs was basically misplaced. Demand is at its weakest level in two decades and oil inventory in big consuming nations continues to swell to its fattest level also in two decades, it said.

Wall Street Journal

Happy Bike to Work Day!

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