China’s insatiable demand for oil is growing at a faster-than-expected pace, threatening to tighten crude markets and send oil prices higher as supplies struggle to keep up. The International Energy Agency’s latest outlook points to a widening divide between booming demand for crude across the developing world and lackluster demand in Europe and North America where economic prospects look bleak. The IEA raised its forecast for global oil demand growth this year by 200,000 barrels a day, to 2.2 million barrels a day.
Montana’s governor has signed the country’s first bill that outright bans TikTok, paving the way for a legal fight that could determine the fate of a nationwide prohibition that is under consideration in Washington. The legislation is drawing criticism from Chinese-owned TikTok and free-speech advocates including the ACLU. It’s set to go into effect on Jan. 1, but an expected legal challenge could delay the ban’s start date.
Futures are up after stocks closed sharply higher yesterday. The Dow Industrials jumped 408, the Nasdaq gained 157 and the S&P 500 added 48.
