I wouldn't say that oil demand is diminishing, in fact it is still rising and set to rise into the future on the back of the expanding Chinese middle class. The difference is OPEC is pumping at historic highs, also more domestic US production on the back off the shale oil boom.
A decrease in the oil price under $75 will see many things happen that will significantly tip the supply/demand due to many factor's.
The days of cheap oil are over!!
SEA Price at posting:
54.0¢ Sentiment: LT Buy Disclosure: Held
