Spare capacity in OPEC nations has been running low, with most producers pumping at maximum capacity. The group forecast on Tuesday that oil demand will rise by 2.7 million bpd in 2023, a 2% increase, down from growth of 3.4 million bpd this year.
The International Energy Agency says the worst oil-supply crisis in decades is showing early signs of easing as sanctions on Russian crude have had less impact on production than expected. Separately, the group is pushing to include gasoline and diesel in plans for a price cap on Russian crude, officials say.
After the second-warmest June on record, countries in western Europe are bracing for their second dangerous heat wave of the summer, with all-time temperature records set to be broken this week in the U.K., Portugal, Spain and France.
U.S. diesel prices are down 24.2 cents from a late-June high of $5.81 a gallon, according to the EIA.
U.S. retail imports rose 2.7% year over year to a record 2.4 million TEUs in May, the latest month for which final numbers are available.
Amazon’s two-day Prime sale is off to a promising start, with typical household spending up 20% from the early hours of the sale last June, according to one measure.
PepsiCo’s revenue rose 5.2% in the latest quarter from a year ago after the firm boosted prices by 12%. More price hikes could come as company data shows little impact from inflation on consumer spending.
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