US and China fuel demand for oil amid weakening price predictions

Demand for oil is still strong globally as economic growth continues to remain high in countries like the US and China. Russian oil production has been quite low, which has added to the demand. Weakness is only expected to show if the economic situation slows. Research from the International Energy Agency on the oil market has shown China's gross domestic product has grown by 9.5% in the first quarter of 2005. It is likely as the economy continues to expand at a rapid rate, demand will continue for oil in the country. There are also some indications of rationing and limited shortages in ...