Oil market starts to rebalance at lower prices: Kemp - Reuters

Oil market starts to rebalance at lower prices: Kemp - Reuters:

Global oil consumption is falling at the fastest rate for almost five years as manufacturing activity and trade flows slip around the world and vehicle production tumbles.

Demand in the top 18 consuming countries, each using more than 1 million barrels per day (bpd), fell by almost 0.2% in the three months between March and May compared with the same period a year earlier.

Oil use is falling at the fastest rate since the third quarter of 2014, according to national government data submitted to the Joint Organizations Data Initiative.