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Photo: Yegor Aleyev/TASS via Getty Image

Global oil demand growth from January through May was the slowest for that period since 2008, and the "situation is becoming even more uncertain" as the U.S.-China trade fight heats up, the International Energy Agency said Friday.

Why it matters: Its closely-watched monthly report provides fresh evidence of how the global economic slowdown is weighing on oil markets. Prices are at their lowest levels since January, despite tensions in the Middle East that typically put upward pressure on the market. "Economic woes hold sway over geopolitics," it said.

But, but, but: Crude oil prices moved up back up somewhat on Friday, "supported by expectations of more OPEC production cuts," Reuters notes. The global benchmark Brent crude was trading above $58-per-barrel on Friday morning.

Where it stands: The IEA again trimmed its overall demand growth forecasts for 2019 and 2020. The Paris-based agency now sees oil demand growing by 1.1 million barrels per day this year and 1.3 million barrels per day next year.

  • "The outlook is fragile with a greater likelihood of a downward revision than an upward one," the report notes.
  • The increase of 520,000 barrels per day in the January through May stretch was the weakest in 11 years.

What they're saying: "Economic recession risk and further escalation of the U.S.-China trade war are key concerns in the near term," the consultancy Rystad Energy said in a note.

  • "Oil prices are swept up in stock market and commodity losses due to rising concern about trade disputes, the health of the global economy and weak oil demand," IEA's report states.

Go deeper: The IEA's case against peak oil demand

Go deeper

DeSantis declares state of emergency after deadly Miami-area condo collapse

Florida Gov. Ron DeSantis (R) declared a state of emergency after a portion of a 12-story residential building in Surfside, Florida, collapsed at approximately 1:30 a.m. Thursday, according to AP.

The latest: The executive order will allow for federal assistance as the state continues its search-and-rescue operations. Officials have accounted for 102 people who lived in the high-rise Champlain Towers South, but 99 people remained unaccounted for by mid-afternoon, said Mayor Daniella Levine Cava of Miami-Dade County at a press conference.

1 hour ago - World

Afghan president visits D.C. amid growing fears of Taliban takeover

An Afghan soldier stands guard at a mosque in Kabul. Photo: Wakil Kohsar/AFP via Getty

As Afghan President Ashraf Ghani was making his way to Washington to meet with President Biden, the Wall Street Journal revealed that the U.S. intelligence community believes his government may be toppled within six months of America's withdrawal.

Why it matters: As the Taliban gains territory and the U.S. pulls its remaining forces out, hopes of a potential peace deal in Afghanistan are giving way to fears of a rapid Taliban capture of Kabul.

1 hour ago - Health

Exclusive: Bipartisan group of senators urges Blinken to vaccinate Americans abroad

Secretary of State Antony Blinken. Photo: Pool/Getty Images

Sens. Chris Murphy (D-Conn.) and Jerry Moran (R-Kan.) are leading an effort urging the Biden administration to coordinate with the Defense Department to donate supplemental COVID-19 vaccine doses to U.S. embassies and consulates.

Why it matters: Millions of Americans living in countries where they are not considered eligible for the vaccine or those living in places where vaccines are not being authorized by the FDA or the World Health Organization may have to wait for months or even years to receive a vaccine.