Oil Demand Falls for the First Time in 2 years

Oil demand dropped for the first time since 2009. This is the result of a mild winter, high crude prices and reduced productivity following the Global recession & European Crisis. Oil prices peaked at $113 per barrel in April 2011 and remained at high levels throughout the year.  Prices hit an all time high in 2008 at $145 per barrel following the Iraq war and surging demand from China and India.