High oil prices appear to be curbing demand

High prices appear to be stemming global oil demand, according to the west’s energy watchdog, which on Tuesday pointed to signs of slower demand in the US, China and other Asian countries.

Recent moves by some Asian countries to cut fuel subsidies had curbed demand, the International Energy Agency said in its April monthly report. It also cited anecdotal evidence that US motorists were switching from fuel-thirsty sports utility vehicles to smaller cars as a factor.