A DEMAND DRIVEN PRICE WITHOUT DEMAND (via Gene Brown):

Oil below $63 on signs of weak US demand (Reuters, 10/14/2005)

After a brief rally this week, oil prices fell below $63 a barrel on Friday on signs of flagging demand from the world's biggest consumer.

U.S. data on Thursday showed demand for gasoline and distillates stuck below year-ago levels. [...]

Oil prices, which hit a 10-week low of $60.25 on Monday, bounced back this week after the West's energy watchdog said demand growth would accelerate next year, despite record prices. But later data from the U.S. government undermined sentiment.