Globally the largest consumers of oil are developed industrial countries such as the United States, and European countries. However over the last two decades there has been a huge growth in consumption in the Far East, with China in particular now a major user.
The largest oil consumer nations include US, Japan, China, Germany, and the UK so when trading oil we always need to keep an eye on the major consuming nations to monitor whether their usage is increasing or decreasing.
An increase in demand will tend to mean an increase in prices, and similarly a decrease in demand will tend to mean a decrease in prices (provided that supply levels remain consistent).
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