Demand is not down. Global oil demand continues to rise.
And is the glut in supply doing so?
The growth rate in supply has slowed for a while, and now are seeing reductions in supply in some, but not all areas. Saudi and Iraq are producing more. It is anticipated to fall more in the near future.
SHORT-TERM ENERGY AND WINTER FUELS OUTLOOK
http://www.eia.gov/forecasts/steo/report/global_oil.cfm
Excellent...
Now put on the hat of a Commodities broker as well as supplier info..
Supply and demand, it seems there should be stasis of the 2 but volatility remains....
Hmmmmm