Shell, BP Say High Oil Price Erodes Demand

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.

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