China Passenger Cars Sales Still Growing

Think demand for oil will stay depressed?

Passenger vehicle sales in China grew 6.7% in 2008 from a year earlier, decelerating from 21.8% growth in 2007, according a Monday report by the state-run Xinhua New Agency, which cited figures by the China Association of Automobile Manufacturers. The growth figure marked the first time since 1999 that annual vehicle sales expanded less than 10% against the preceding year. Chinese manufacturers produced about 9.34 million vehicles last year and total vehicle sales amounted to 9.38 million units, the report said.

Watch PowerShares DB Crude Oil Double Long ETN (Public, NYSE:DXO) and United States Oil Fund LP (ETF) (Public, NYSE:USO), oil demand is in a lull, it has not changed course..