European Central Bank President Mario Draghi defended the tools that the organization has available.Europe Newsread more
According to China's top economic planning body, some local companies are cutting back on their efforts to hire new university graduates.China Economyread more
German Chancellor Angela Merkel has presided over a tumultuous recent period, which for many, has left Europe on the brink.Commentaryread more
Tensions between China and the U.S. are threatening to slow global trade further, threatening some Asian economies.Asia Economyread more
U.S. President Donald Trump's former campaign chairman Paul Manafort was transferred to a detention facility in Manhattan on Monday ahead of an expected arraignment on state...White Houseread more
Airbus recorded orders and options for 123 planes, according to the aviation consulting firm IBA.iQ.Paris Air Showread more
Markets in Asia were mostly higher on Tuesday as investors awaited the start of a closely-watched meeting by the U.S. Federal Reserve, set to kick off later stateside.Asia Marketsread more
Wall Street analysts think Facebook's cryptocurrency payments project will give the company a big boost.Marketsread more
Chinese President Xi Jinping will travel to North Korea this week for a two-day visit, ahead of a possible meeting between Xi and President Donald Trump at next week's G-20...Politicsread more
The Pentagon said that the crew of one of the tankers, the Japanese Kokuka Courageous, found an unexploded limpet mine on its hull following an initial explosion.Politicsread more
China's Alibaba Group on Tuesday said its chief financial officer, Maggie Wu, will oversee the firm's strategic acquisitions and investments unit, as part of a business and...Technologyread more
The world's appetite for oil and gasoline is growing faster than many forecasters expected, putting Brent crude on pace to top $70 a barrel, Goldman Sachs says.
The investment bank says oil demand grew by 1.55 million barrels per day in January alone, a strong result despite a tough comparison with high consumption last year. For the first quarter, Goldman expects global oil demand to grow by nearly 2 million bpd, trouncing its earlier forecast for 1.1 million bpd and driven by consumption in emerging markets.
"We continue to believe that ongoing macro and oil demand concerns are overdone," Goldman analysts said in a research note on Thursday.
The strong demand will likely push Brent crude, the international benchmark for oil prices, above $70 per barrel. The rally has already outstripped Goldman's prior view that Brent would peak at $67.50 in the second quarter. Brent hit a 2019 high above $68 on Thursday.
It will also keep growth for the full year on pace for Goldman's target of 1.45 million bpd, making the bank more bullish than most forecasters.
In China, a key engine for oil demand, oil consumption grew by 340,000 bpd in January and February, according to Goldman. The Chinese also stocked away 360,000 bpd, a buildup that runs counter to seasonal trends, the bank says.
Gasoline demand in particular is surprisingly strong. Over the last three months, Goldman's subsample of consumers shows gasoline consumption growing by 510,000 bpd, the highest reading since May 2016.
Goldman sees catalysts around the world, including the move away from diesel engines in Europe, a value-added tax cut in South Korea and a drop in gasoline prices relative to biofuel in Brazil.
"Any further meaningful rally in oil prices will likely lead to further US pressure to ease" output cuts by OPEC and its allies, Goldman said. "So far, however, the ongoing OPEC 'shock and awe' strategy has shown no signs of wavering after the latest US presidential oil tweet. "