DONGYING, CHINA – NOVEMBER 15: An aerial view of tugboats push the crude oil tanker ‘VESNA’ from Singapore to a reception terminal of Dongying port on November 15, 2023 in Dongying, Shandong Province of China. (Photo by Zhou Guangxue/VCG via Getty Images)
Vcg | Visual China Group | Getty Images
Oil prices are on pace for a weekly gain as U.S. economic growth and stimulus in China raise hopes for more robust crude demand this year.
The West Texas Intermediate contract for March fell 90 cents, or 1.16%, to trade at $76.46 a barrel Friday morning, while the Brent contract for March dropped 71 cents, or 0.86%, to trade at $81.75 a barrel.
U.S. crude and the global benchmark, however, are poised to post a weekly gain of more than 4%. WTI and Brent are up 7% and 6.3%, respectively, for the year so far.
The U.S. reported stronger-than-expected economic growth in the fourth quarter of 3.3%, compared to 2% expected by Wall Street. China, meanwhile, is loosening reserve requirements for its bank in an effort to boost growth amid concerns that its economy is faltering.
“The two largest oil consumers in the world could likely have some pretty strong demand this year,” Robert Thummel, portfolio manager at Tortoise, told CNBC.
The potential for more robust demand comes as crude supply fell in the U.S. due to winter storms. Crude inventories fell by 9.2 million barrels last week as production dropped by 1 million barrels per day, according to data from the Energy Information Agency.
Oil Prices Today
There were also indications that a truce in Gaza is in the works. If that occurs, it could ease the geopolitical risk in the Middle East that typically bolsters crude prices.
The White House plans to dispatch CIA director William Burns to help negotiate a two-month truce in the war in exchange for the release of all remaining hostages by Hamas, officials familiar with the matter told the Washington Post. But one of the officials told the paper that Hamas has rebuffed the proposal and demanded a permanent ceasefire in exchange for the hostages.
“An obstinate Israel, which refuses to effectively discuss truce, let alone a sustainable peace plan unless Hamas is obliterated will ensure continuous shipping disruptions in the Red Sea,” Tamas Varga, with oil broker PVM, wrote in Friday note.
Houthi militants in Yemen have continued to target shipping in the Red Sea despite U.S. airstrikes. China has asked Iran to rein in the attacks by the Houthis or risk harming business with Beijing, four Iranian sources and a diplomat familiar told Reuters.
A suspected Ukrainian drone attack on Russian fuel terminal on the Baltic Sea last weekend also highlighted the ongoing geopolitical threats to fuel supplies.
“It provided invaluable help for an upside break out of the recent trading range handing the momentum over to those with bullish propensity,” Varga said of the drone attack.
China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.
The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.
The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.
China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.
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To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.
To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.
The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.
As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.
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A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.
Kevin Lamarque | Reuters
Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.
The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.
“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”
From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.
Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.
A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.
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In reality, authorities allege, OmegaPro was a pyramid-style fraud.
When the company later claimed it had suffered a hack, the defendants told victims they had transferred their funds to a new platform called Broker Group, the DOJ said. Users were never able to withdraw their money from either platform.
The two men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison.
The Justice Department, FBI, IRS-Criminal Investigation, and Homeland Security Investigations led the multiagency investigation, with help from international partners.
Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!
An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.
Check out the relevant links, below, to learn more.
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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