I know you are so much smarter than that. Yes, very simply, that is how it is working. But the purely speculative idea behind oil and the free trade of it in stock markets around the world is what is really driving the price up.
If less demand simply meant lower prices, then explain to me why worldwide demand dropped .4% in the 1st quarter this year yet prices went up 15%?
It’s just not THAT easy right now.