“The idea that Brent and WTI prices are substantially higher than they were a few years ago still troubles people. After all, isn’t oil consumption down? Yes and no. Oil consumption has indeed declined in the US and the European Union, but the increases in consumption in developing countries have more than offset this. Global demand has increased by 6 percent since 2008, driven by double-digit consumption growth in every developing region in the world.  While oil production in the US has outpaced changes in US demand, that’s not the case for the rest of the world. The rapid growth in demand in developing regions has kept oil prices stubbornly above $100/bbl.”

http://www.investingdaily.com/20699/why-crudes-at-home-in-triple-digits-2/

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