Chart of the Day
Over the past couple of weeks the price of a barrel of oil has eased slightly. However, oil still trades above $62 per barrel. To help explain why a barrel of crude remains at such lofty levels, today's chart illustrates the four largest consumers in the global oil market. While most of the major industrialized economies (i.e. Japan, Germany) have not altered their demand significantly, several emerging economies (China in particular) have dramatically increased their oil consumption since 1990. Add that to the ongoing increase in demand from the US and the increased geopolitical uncertainties in several major oil producing countries (i.e. Iraq, Iran, etc.) and you have a volatile mix. Stay tuned...
- Which way is oil headed and how will oil impact the stock market? Find out with the exclusive charts and indicators of Chart of the Day Plus.
Source - EIA
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Quote of the Day
"To keep a lamp burning we have to keep putting oil in it." - Mother Teresa
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