The world economy will probably have no respite from high oil prices in spite of global demand flatlining for the first time since 2009, according to the International Energy Agency.
The monthly Oil Market Report, released on Thursday, contained the first solid evidence that prices have begun restraining demand, particularly in North America.
Global oil consumption was almost flat in March, rising 0.4 per cent compared with a year earlier, representing the smallest increase since mid 2009. In developed countries, total demand fell 2.8 per cent.
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