The price of oil is unlikely to fall significantly from near-record highs and could rise further still as demand from Asia and the Middle East outstrips falling demand from the faltering US and European economies, the International Energy Agency said.

The Paris watchdog's findings, published yesterday in its monthly oil market report, underline the shifting balance of power between the emerging economies in the East and the traditional powers in North America and Europe.

Year on year the United States, the world's biggest oil consumer, is using 400,000 barrels less per day, equivalent to 2 per cent of its average daily consumption of 20m barrels. ... Read full article