Gasoline car sales in China drop 22% in May Higher fuel prices resulting from the Middle East crisis have led to a decline in gasoline car demand in China. Discounts on gasoline cars have almost doubled over the first five months of the year as oil and fuel prices
The International Energy Agency projects a 1.1 million barrels per day decline in global oil demand for 2026, widening a supply overhang. The International Energy Agency revised its 2026 oil demand forecast downward to a 1.1 million barrels per day decline, up from a previ
Two crude carriers reverse course toward Fujairah after reports of a potential US-Iran agreement ease Hormuz transit risks. Two oil tankers, including a Suezmax and a very large crude carrier, have reversed course toward the UAE’s Fujairah port after initially heading to A
API data shows a larger-than-expected draw, extending a nine-week decline totaling 52 million barrels. US crude oil inventories fell by 8.33 million barrels in the week ending June 12, exceeding analysts' expectations of a 4.5 million barrel draw. The decline follows a 9.1
Clearing arrears to foreign oil firms may accelerate investment in Egypt’s 93 trillion cubic feet of gas reserves. Egypt has repaid $6 billion in outstanding energy debts to international oil companies, removing a key obstacle to foreign investment. The move follows Wester
May housing starts fell short of forecasts while crude prices declined over $4 on Iran supply resumption expectations. US housing starts reached 1.177 million in May, below the 1.430 million estimate, signaling a weaker-than-expected construction sector. Import prices rose
Unexpectedly large draw in private crude inventories sends Brent below $80 as geopolitical risk premium eases. Private inventory data revealed a larger-than-expected draw in crude oil stockpiles, surprising markets already adjusting to easing tensions in the Strait of Horm
Crude prices fell 5.82% to settle near their 200-day moving average, raising concerns over further downside risks. Crude oil futures settled at $76.05, marking their lowest close since March 3 and a 5.82% decline for the session. The drop brings prices within $1.57 of the
Brent crude futures fell to lowest level since March Brent crude futures dropped below $79 per barrel on Tuesday, its lowest level since March. The decline follows a peace agreement between the United States and Iran. The agreement includes the reopening of
SpaceX rises 9% to $2.78 trillion valuation SpaceX saw its valuation rise to $2.78 trillion, a 9% increase, bringing its total gains to 40% since last week. The company's valuation now surpasses that of Amazon and is merely $200bn below Microsoft's. This su
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