A pump jack in Midland, Texas, US, on Thursday, Oct. 3, 2024.
U.S. crude oil sold off more than 8% last week as traders view an oil disruption in the Middle East due to Iran-Israel tensions as increasingly unlikely. A weak demand picture also weighed on prices, with consumption in China softening as more OPEC supply is expected to come online in December.lowered its global headline inflation projection 3.5% on an annual basis by the end of 2025, from an average 5.8% in 2024.
However,"Despite the good news on inflation, downside risks are increasing and now dominate the outlook," said IMF chief economist Pierre-Olivier Gourinchas. Now that inflation is headed in the right direction, global policymakers face a new challenge stemming from the rate of growth in the world economy, the IMF warned.
"Profits accelerating are far more important than who is sitting in the Oval Office. But politics can make or break sub-sectors," the firm wrote in a Friday note.