Spring is busting out all over, and so is gasoline demand. Low gas prices are causing a buying frenzy at the pump as gasoline demand in the month of March hit an all-time record high. According to the American Petroleum Institute (API) the lowest average price for regular unleaded gasoline in 12 years has Americans guzzling gas like never before.
President Obama is landing in Saudi Arabia to try to smooth over sour relations with America’s long-term ally, Saudi Arabia. While the crude oil market is selling off overnight on renewed concerns about China’s economy and the ending of the Kuwaiti oil strike, this meeting today may have more of a long term impact on the future of oil prices then some of these short term factors.
China's economy expanded a seasonally-adjusted 1.1% in the first quarter of 2016 from the fourth quarter of last year, National Bureau of Statistics data showed, the lowest quarterly expansion on record since 2010.
As the Doha, Qatar big crude oil summit approaches, there is more attention being paid to who is not coming than who will be there. Oil prices dipped after a report that the Iranian oil minister decided not to show up and will send in his B-Team this Sunday.
Production destruction is starting to take its toll as U.S. crude oil output falls below 9 million barrels a day and the International Energy Agency (IEA) is predicting the global oil market will be close to being in balance by the middle of the year. Say "goodbye" to the glut and "hello" to a tighter market ahead as the forces of this year’s oil price crash are now starting to be felt.
World financial markets have calmed after turmoil earlier this year, but more needs to be done to ensure global financial stability amid slowing growth, weak commodity prices and worries about China's economy, the International Monetary Fund warned on Wednesday.