The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Global oil demand will slow in 2016, the International Energy Agency (IEA) said in its latest monthly report, as it warned that the rebalancing of supply and demand in oil markets "has yet to run its course."
Crude oil prices fell to their lowest point in nearly three months in early July, pressured by "ever rising supply" and not helped by the financial turmoil in Greece and China which has unsettled world markets, the IEA said Friday.
Global oil prices fell around 60 percent earlier this year, from around $114 a barrel last June, on the back of a glut in supply and lack of demand amid an uncertain global growth outlook. On Friday, benchmark Brent crude was trading at $59.44 a battle and U.S. light crude was around $53.62.
On the back of this volatility, the IEA forecast that global oil demand growth would slow to 1.2 million barrels a day (mb/d) in 2016, from around 1.4 mb/d this year.
"The rebalancing that began when oil markets set off on an initial 60 percent price drop a year ago has yet to run its course," it said. "Recent developments suggest that the process will extend well into 2016, as shown in our quarterly supply/demand balances for that year."
There were hopes in May and June that prices were on the path to recovery, as supply was taken out of the market. Numerous rigs were closed in the U.S., where production costs are higher than in the Middle East.
However, the IEA said that growth in demand appeared to have peaked in the first quarter of 2015, at 1.8 mb/d and, "will continue to ease throughout the rest of this year and into next as temporary support fades."
The IEA noted, however, that two "curveballs" were contained within its demand forecast: Greece's ongoing financial crisis, to the downside, and Iran – and a potential nuclear deal that could see sanctions on the country lifted -- to the upside.
"A possible Greek exit from European Monetary Union (euro zone) could dampen not only Greek oil product demand, but also potentially curb deliveries across the continent if macro-economic activity were to weaken," the IEA said.
"The upside Iranian risk surrounds the possible removal of sanctions and the additional economic growth and oil product demand that could follow."
Oil prices have not been helped by the decision of the Organization of Petroleum-Exporting Countries (OPEC) not to cut their production ceiling of 30 million barrels a day -- despite the slump in prices and demand.
Indeed, the IEA said that although global oil demand has not picked up, global supply has actually increased. OPEC crude supply, for instance, rose in June to 31.7 mb/d -- a three-year high led by record output from Iraq, Saudi Arabia and the United Arab Emirates (UAE).
This decision not to cut production by OPEC, led by Saudi Arabia, has been widely seen as a strategy to defend OPEC's market share and put pressure on rival U.S. shale oil producers.
And the IEA said this strategy could be working, with "non-OPEC supply growth expected to grind to a halt in 2016, as lower oil prices and spending cuts take a toll."
- By CNBC's Holly Ellyatt, follow her on Twitter .