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    market news

    Shell, BP Say High Oil Price Erodes Demand

    Investing News Network
    Jul. 28, 2011 10:36AM PST
    Oil and Gas Investing

    Reuters reports that major oil companies like BP, Shell said that high crude prices have curbed global oil demand in the second quarter.

    Reuters reports that major oil companies like BP, Shell said that high crude prices have curbed global oil demand in the second quarter.

    The market news is quoted as saying:

    Shell said oil products sales volumes decreased by 8 percent compared with the same period a year ago while, excluding the impact of divestment, sales volumes were 4 percent lower than in the second quarter of 2010.

    Click here to access the entire news

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