Global oil demand has started to grow after falling for a year-and-a-half, the International Energy Agency said yesterday, in a sign that Asia's economic revival is boosting commodities consumption.
The return of fuel consumption growth comes as oil prices surge to $75-$80 a barrel, up almost 70 per cent from January, prompting policymakers to worry about the impact of the rise on econ- omic activity and inflation.
In its monthly report, the western countries' oil watchdog said: “The recent price spike, if further extended, risks derailing the recovery.” But it noted that current prices appeared to be justified by a mix of supply and demand fundamentals and a “heady brew of loose monetary policy, surging equities and a weaker dollar”.
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