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Brent Crude Of $80 Could Drag On Global Oil Demand

According to the dow Jones of May 23, capital economics commodity economist Thomas alessandro?Global demand for oil is likely to slow next year as brent crude prices hover around a three-and-a-half year high of about $80 a barrel, he said."If oil prices remain at current levels or continue to rise, consumption growth could slow sharply in 2019," Mr Trump wrote in a report.He estimates that a 20 per cent rise in oil prices, the increase since the start of the year, could reduce oil demand in industrialised economies by as much as 1m barrels a day.Instead, he points out, if consumption growth slows, that is another reason to think prices will not stay so high for long.

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