US oil demand slides

America’s seemingly never-ending demand for oil appears to be abating as a direct result of the surge in prices.

Data from the US Department of Energy revealed a large build-up in oil inventories in the last seven days, knocking more than $5 off the price of a barrel of oil at one stage.

The new figures showed that US crude oil stocks rose by 800,000 barrels last week, four times the amount expected by a consensus of analysts’ forecasts, and reversing five straight weeks of declining supplies.

DailyTelegraph