Two rockets hit Kirkuk Air Base and nearby home, no casualties reported
Two rockets struck the Kirkuk Air Base and a nearby residential neighbourhood on Monday night, Iraqi security officials said....
Oil prices fell 2% as OPEC downgraded its global demand forecast and China's oil imports dropped for the fifth consecutive month. Concerns over Israeli-Iran tensions also weighed on markets, with Brent settling at $77.46 per barrel and WTI at $73.83 per barrel.
Oil prices dropped 2% on Monday as OPEC revised down its expectations for global oil demand growth in 2024 and 2025, coinciding with China's oil imports declining for the fifth month in a row.
Investor confidence was not boosted by China’s stimulus efforts, while attention remained on potential Israeli strikes against Iranian oil facilities. Brent crude futures closed down $1.58, or 2%, at $77.46 per barrel, while U.S. West Texas Intermediate crude fell $1.73, or 2.29%, to $73.83 per barrel. Last week, Brent had increased by 99 cents, and WTI rose by $1.18.
After-hours trading saw Brent drop more than $4, or 5%, following reports that Israeli Prime Minister Benjamin Netanyahu informed the U.S. of Israel's willingness to target Iranian military sites, excluding nuclear or oil facilities. Additionally, U.S. heating oil futures fell 5%, and gasoline futures decreased by over 4%.
OPEC's forecast for global oil demand growth in 2024 has been revised down for the third consecutive time, largely due to lower expectations for China, which accounts for a significant portion of this year's downgrade. OPEC reduced its forecast for Chinese oil demand to 580,000 barrels per day (bpd) from 650,000 bpd.
In the first nine months of the year, China's crude imports fell nearly 3% from the previous year to 10.99 million bpd.
Decreasing demand in China is attributed to the rise of electric vehicles (EVs) and a slowdown in economic growth post-COVID-19, negatively impacting global oil consumption and prices. This negative outlook from China overshadowed market worries about potential disruptions in oil production following an Israeli response to Iran's missile attack on October 1.
The U.S. announced its decision to deploy troops and an advanced anti-missile system to Israel to enhance its air defenses. “While an attack by Israel into Iran is likely to happen, the latest reinforcing measures by the US military may have calmed the responses on both sides,” noted Dennis Kissler, senior vice president of trading at BOK Financial.
He added, “A nervous trade will remain with most fund managers remaining on the sidelines.” Meanwhile, U.S. officials have been discreetly advising Israel to carefully consider its response to avoid triggering a larger conflict in the Middle East.
President Biden has also publicly expressed his opposition to an Israeli strike on Iran’s nuclear facilities and concerns over potential attacks on Iranian energy infrastructure.
Additionally, the dollar reached a nine-week peak on Monday during light trading, which can negatively impact demand for dollar-denominated oil among buyers using other currencies.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
Gold prices edged higher on Monday after slipping to their lowest level in more than a month, supported by a weakening U.S. dollar and easing geopolitical tensions that have tempered safe-haven demand.
The French Riviera town of Cannes will restrict large cruise ships from docking starting from January 2026, as part of new efforts to manage over tourism and protect local infrastructure.
Polish refiner Orlen will not buy Russian oil for its Czech refinery after 30 June, Chief Executive Ireneusz Fafara said on Monday. "We freed Central Europe from Russian oil today," Fafara stated.
Starting today, British car and aerospace manufacturers will benefit from significant tariff reductions when exporting to the United States, thanks to the implementation of a landmark UK-US trade agreement. This move is expected to safeguard thousands of jobs in the United Kingdom.
Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.
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