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

Updated 10 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 31,1833,800 — Total deaths: 962,793— Total recoveries: 21,348,410Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 6,833,800 — Total deaths: 199,818 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Sen. Cory Gardner on vacant Supreme Court seat: "I will vote to confirm"

Photo: Alex Wong/Getty Images

Sen. Cory Gardner (R-Colo.) will vote to confirm President Trump's nominee to replace the late Ruth Bader Ginsburg, he announced in a statement Monday.

Why it matters: The development is a win for President Trump and Senate Majority Leader Mitch McConnell (R-Ky.). It should mean Republicans are all but assured to have enough support to hold hearings for Trump's potential nominee.

Dave Lawler, author of World
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Trump and Xi to give dueling speeches Tuesday at UN General Assembly

Illustration: Lazaro Gamio/Axios

President Trump and China’s Xi Jinping will address the UN General Assembly just minutes apart on Tuesday morning — with Russia’s Vladimir Putin following soon thereafter.

The big picture: Trump has promised a “strong message on China.” Xi, meanwhile, is expected to laud global cooperation — with the clear implication that it can be led from Beijing.

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