World oil demand slowing, but by less each month

Oil demand in six key world markets dropped by 7.5 percent in the first quarter of this year as users saved more fuel and switched to other forms of energy, Petroleum Intelligence Weekly said.

But the industry newsletter said the decline in the United States, Japan, and Europe slowed each month - and demand appeared to be steadying. The slump in demand was one reason for the world oil glut, which forced the Organization of Petroleum Exporting Countries to cut production to maintain higher prices.