Good morning. Crude oil declines as demand concerns outweigh geopolitical angst. And today we get UK jobs data. Musk and Trump hold a conversation on X. Here’s what people are talking about.
Oil slipped after a five-day advance, with signs of weakening global demand coming to the fore despite fears that the Middle East conflict is about to escalate. Signs of weak consumption led OPEC to trim its demand forecasts for this year and next. That saw crude prices slide even with the US saying it believes an attack by Iran on Israel has grown even more likely and may come as soon as this week. On the other end of the geopolitical front, Russia and Ukraine intend to keep pipeline gas flowing to Europe even though fighting continues near a key cross-border transit point for the fuel.