Global oil prices dipped in response to suggestions that the world's secondlargest importer would require less energy as industrial demand faltered.

Wholesale gas prices have been pushed lower because of the recession, which has reduced industrial demand for energy as factories reduce production levels.

With industrial demand dropping, while commodity production remained unaffected, the market price of copper, zinc and other base metals would collapse.

But the far bigger part can be pinned on a sharp fall in industrial demand from factory closures and short-time working.

The divergence in prices suggests that industrial demand has been rising.