Are high prices starting to cut into energy demand? Bears, bulls face off in oil markets this week

Are high prices beginning to cut into energy demand? Bears, bulls to square off in oil markets this week

Elizabeth Conley, Houston Chronicle / Staff photographer

Crude has since retreated, but still settled Friday at $102.07 per barrel, up 35 percent from the start of the year. Russia is the largest fuel supplier to the European Union, supplying 25 percent of its oil and 45 percent of its natural gas. The French government suggested an EU ban proposal could materialize as soon as the victory for President Emmanuel Macron over challenger Marine Le Pen is confirmed.

“The big question is whether oil supply is eroding faster than demand,” she said. “Another factor is how quickly U.S. oil production ramps up.”

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