Chart of the day

Over the past couple of weeks the price of a barrel of oil has eased slightly. However, oil still trades above $62 per barrel. To help explain why a barrel of crude remains at such lofty levels, today's chart illustrates the four largest consumers in the global oil market. While most of the major industrialized economies (i.e. Japan, Germany) have not altered their demand significantly, several emerging economies (China in particular) have dramatically increased their oil consumption since 1990. Add that to the ongoing increase in demand from the US and the increased geopolitical uncertainties in several major oil producing countries (i.e. Iraq, Iran, etc.) and you have a volatile mix. Stay tuned...