Escalating Middle East tensions were driving up oil prices on Friday, amid rising fears that Israel is close to launching a ground invasion of Gaza after its military ordered more than a million people in the territory to flee south. Oil prices turned around a three-session fall on Friday as investors watched headlines from the Middle East. The Israeli military ordered around 1 million people in northern Gaza on Friday to evacuate to the south. That represents nearly half the population of the territory, and such an evacuation would be not only impossible, but disastrous, said the U.N.,...…Escalating Middle East tensions were driving up oil prices on Friday, amid rising fears that Israel is close to launching a ground invasion of Gaza after its military ordered more than a million people in the territory to flee south. Oil prices turned around a three-session fall on Friday as investors watched headlines from the Middle East. The Israeli military ordered around 1 million people in northern Gaza on Friday to evacuate to the south. That represents nearly half the population of the territory, and such an evacuation would be not only impossible, but disastrous, said the U.N.,...WW…

Global energy demand isn’tlikely to return to levels seen before the COVID-19 crisis for another threeyears, under the best case scenario presented by the International EnergyAgency’s World Energy Outlook report issued Tuesday. “The Covid-19 pandemic has caused more disruption to the energy sector than any other event in recent history, leaving impacts that will be felt for years to come,” the report said.  The IEA expects global energy demand to drop by 5% this year, with oil demand down by 8%. Energy investment also is forecast to fall by 18%. The report, however, emphasized the...…Global energy demand isn’tlikely to return to levels seen before the COVID-19 crisis for another threeyears, under the best case scenario presented by the International EnergyAgency’s World Energy Outlook report issued Tuesday. “The Covid-19 pandemic has caused more disruption to the energy sector than any other event in recent history, leaving impacts that will be felt for years to come,” the report said.  The IEA expects global energy demand to drop by 5% this year, with oil demand down by 8%. Energy investment also is forecast to fall by 18%. The report, however, emphasized the...WW…

Gold futures fell sharply Tuesday, prompting bullion to post its steepest daily dollar slide in more than seven years as global stocks and U.S. Treasury yields rose on optimism over prospects for a vaccine and signs of a slowdown in the number of new COVID-19 cases in the U.S.Russian President Vladimir Putin on Tuesday announced that Russia had become the first country to against the coronavirus responsible for the pandemic, though the announcement drew criticism from medical experts. Companies including AstraZeneca PLCand Moderna Inc.are presently conducting final-stage trials of their...…Gold futures fell sharply Tuesday, prompting bullion to post its steepest daily dollar slide in more than seven years as global stocks and U.S. Treasury yields rose on optimism over prospects for a vaccine and signs of a slowdown in the number of new COVID-19 cases in the U.S.Russian President Vladimir Putin on Tuesday announced that Russia had become the first country to against the coronavirus responsible for the pandemic, though the announcement drew criticism from medical experts. Companies including AstraZeneca PLCand Moderna Inc.are presently conducting final-stage trials of their...WW…

OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to encourage stability in energy markets hard hit by the global economic crisis resulting from the coronavirus pandemic. Ministers of the cartel and outside nations led by Russia met via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic. The curbed output represents some 10% of the world’s overall supply.But danger still lurks for the market as...…OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to encourage stability in energy markets hard hit by the global economic crisis resulting from the coronavirus pandemic. Ministers of the cartel and outside nations led by Russia met via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic. The curbed output represents some 10% of the world’s overall supply.But danger still lurks for the market as...WW…