Just when oil traders were focusing concerns on China oil demand, a new risk imposed by Germany surfaced. German oil demand fell every month from the previous year for the last nine months of 2018.
Standard Chartered analysts tribute the Germany weakness to their worsening economy and suggest that other European countries may follow suit. Germany’s economy shrank during the third quarter of 2018.
Germany is the tenth largest oil consumer in the world, amounting to 2% of global demand. China accounts for about 13% of world-wide demand for oil.
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