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Global oil markets will face a widening glut in 2026 as OPEC brings back production and output from the U.S., Canada and Guyana continues to grow.

Cyber Weekend e-commerce sales grew 9% in the U.S. this year, up from 6% in 2023, according to data from Salesforce.

U.S. shoppers say they’re going to spend less on holiday gifts this year, which would deliver another blow to retailers that have struggled with waning demand.

Brent erased its 2024 gains as concerns about demand in the world’s two biggest economies overshadow heightened geopolitical risks.

Brent crude slumped below $80 a barrel for the first time since June 10, driven by algorithmic trading and signs of poor demand from China, the world’s top oil importer.

U.S. diesel demand plummeted to its lowest seasonal level in 26 years in March, driven by slowing economic growth.

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

West Texas Intermediate crude futures dropped below $100 a barrel for the first time since May 11 as concerns grow that a global economic slowdown will ultimately hobble demand.

Oil extended gains after the close as a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns of a major shortfall in supplies as sanctions mount on Russia.

West Texas Intermediate crude closed above $80 a barrel for the first time since late 2014 as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.