Economic output is decelerating, and even the US is using less oil. Oil prices remain high because of the usual “tensions in the Middle East” and Fed money printing.
There are always tensions in the Middle East, so I do not know why oil should currently have a premium. Realistically, oil should trade at a discount during the rare times that the Middle East is quiet.
Oil is first and foremost an energy commodity, but it is also used as a trading vehicle and as a hedge against currency swings. When the Fed prints money or talks about printing money, stock markets and commodity markets rise. These price increases put money into the pockets of those holding oil and stocks, TBTF banks and oil companies. Since this is a zero sum game, all the extra profits earned by the entities come out of the pockets of the consumer.