Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Brent crude futures were down 65 cents, or 0.9%, at $71.91 a barrel by 0450 GMT. U.S. West Texas Intermediate crude futures were down 62 cents, or 0.9%, at $68.08.
For the week, Brent is set to fall 2.7% while WTI is set to decline 3.3%.
"While oil prices have somewhat stabilised around the $71.00 level of support this week, the lack of a concrete bullish catalyst suggests that price recovery remains tepid for now," Yeap Jun Rong, market strategist at IG, said in an email.
The prospect of higher supplies from the U.S. and OPEC+ along with doubts over China's economic recovery continue to be of concern, while the odds of a December rate cut are now "closer to a coin flip" under a less dovish Federal Reserve, Yeap added.
China's oil refiners in October processed 4.6% less crude than a year earlier, falling year-on-year for a seventh month, amid the closures of some plants and reduced operating rates at smaller independent refiners, data from the National Bureau of Statistics showed on Friday.
The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending increased, government data showed.
Oil prices also fell this week as major forecasters indicated market fundamentals remained bearish.
The International Energy Agency forecast global oil supply will exceed demand in 2025 even if cuts remain in place from OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, as rising production from the U.S. and other outside producers outpaces sluggish demand.
U.S. crude inventories last week rose by 2.1 million barrels, the Energy Information Administration (EIA) said on Thursday, much more than analysts' expectations for a 750,000-barrel rise.
Gasoline stocks fell by 4.4 million barrels last week to the lowest since November 2022, the EIA said, compared with analysts' expectations in a Reuters poll for a 600,000-barrel build. Distillate stockpiles, which include diesel and heating oil, also fell unexpectedly by 1.4 million barrels, the data showed.
Azerbaijan’s Foreign Ministry on Saturday voiced deep concern over the escalating tensions following the United States’ military strikes on Iranian nuclear facilities, calling on all sides to prioritize diplomacy over confrontation.
The Pentagon concluded a high-stakes press briefing Saturday afternoon following the U.S. strikes on Iran’s nuclear facilities, outlining the scale and success of the mission while stressing the door remains open to diplomacy.
Türkiye has voiced strong concern following the United States’ strikes on Iranian nuclear facilities, warning that the action could dangerously escalate the conflict and trigger a global crisis.
Global investors are bracing for significant market turmoil when trading reopens, with analysts predicting a sharp spike in oil prices and a flight to safe-haven assets following the United States' announcement of military strikes against three Iranian nuclear facilities.
Iran’s top diplomat on Sunday issued a stark condemnation of the United States following overnight military strikes on Iranian nuclear facilities, declaring that Washington had crossed a "very big red line" and would be held "fully responsible" for the consequences.
The U.N. Security Council met on Sunday after U.S. strikes on Iranian nuclear sites, as Russia, China and Pakistan proposed a resolution urging an immediate Middle East ceasefire, raising tensions over the legality and fallout of Western military action.
The U.S. maintains a broad military presence across the Middle East, reflecting long-standing strategic interests and evolving regional dynamics.
The United States has called on China to use its influence to dissuade Iran from closing the Strait of Hormuz, warning that such a move would trigger severe global economic fallout and risk major escalation following U.S. strikes on Iranian nuclear sites.
NATO member states have reached a consensus on a landmark defence spending target of 5% of GDP by 2035, paving the way for a formal announcement at the alliance’s upcoming summit in The Hague.
Gulf states hosting major U.S. military bases were placed on high alert Sunday after American airstrikes destroyed Iran’s main nuclear sites, raising fears of regional retaliation and a broader conflict that could engulf key energy exporters and destabilise global security.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
The USS Nimitz is heading to the Middle East amid tensions between Israel and Iran. The U.S. aircraft carrier has a decades-long history in the region, from the 1979 hostage crisis to modern deployments, often serving as a key asset during periods of rising friction with Iran.
Germany’s federal government spent over 1.2 billion euros on software, licenses and IT services in 2024, more than 25% higher than the previous year.
Japan’s core inflation rose to a more than two-year high in May, exceeding the central bank’s 2% target for over three years and increasing pressure on the Bank of Japan (BOJ) to resume rate hikes.
Two Nigerian communities will take Shell to trial in the UK in 2027 after winning a court ruling over Niger Delta oil pollution.
The European Investment Bank (EIB) announced Friday it is raising its financing ceiling to a record €100 billion to accelerate investments in defence, energy security and Europe’s technological leadership.
Meta has teamed up with Oakley to release AI-powered smart glasses, expanding its push into wearable tech after the success of Ray-Ban Meta glasses. The social media company is expanding its partnership with Oakley and Ray-Ban-parent EssilorLuxottica.
The U.N. Security Council met on Sunday after U.S. strikes on Iranian nuclear sites, as Russia, China and Pakistan proposed a resolution urging an immediate Middle East ceasefire, raising tensions over the legality and fallout of Western military action.
The U.S. maintains a broad military presence across the Middle East, reflecting long-standing strategic interests and evolving regional dynamics.
The United States has called on China to use its influence to dissuade Iran from closing the Strait of Hormuz, warning that such a move would trigger severe global economic fallout and risk major escalation following U.S. strikes on Iranian nuclear sites.
NATO member states have reached a consensus on a landmark defence spending target of 5% of GDP by 2035, paving the way for a formal announcement at the alliance’s upcoming summit in The Hague.
Gulf states hosting major U.S. military bases were placed on high alert Sunday after American airstrikes destroyed Iran’s main nuclear sites, raising fears of regional retaliation and a broader conflict that could engulf key energy exporters and destabilise global security.
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