Oil is poised for its most significant weekly rise since October, fueled by the ongoing Red Sea crisis and China’s economic stimulus measures, potentially boosting demand.
Oil is poised for its most significant weekly rise since October, fueled by the ongoing Red Sea crisis and China’s economic stimulus measures, potentially boosting demand.
Tanker traffic in the Suez Canal has dropped to levels not seen since the Covid pandemic, as Houthi attacks disrupt oil and petrol deliveries.
An official report indicates that this year will see a halving in oil demand, impacting both Vladimir Putin’s war-driven economy and Saudi Arabia, the world’s top oil producer.
A growing number of tanker operators are avoiding the Red Sea, with several tankers altering their routes on Friday, as indicated by shipping data.