Looks like oil demand is tracking GDP fairly closely, down 6.5% from year ago levels in April. GDP fell 5.5% during Q1, it was reported late last week.
Despite lousy demand, oil prices have doubled this year (go figure) and stand at $70.90 this morning on yet another Nigerian supply disruption.
EUR/USD has rebounded to 1.4070 from the 1.4040s in light trade.
