Oil Prices Steady Despite Mideast Tensions; Trump Set to Reap Billions in Social Media Deal
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Oil prices have not soared despite Middle East tensions due to waning demand and relatively strong supply. Global oil demand growth is slowing.
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Some major economies like China, the UK, and Japan have entered economic downturns or recessions, dampening oil demand.
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US oil production reached record highs in 2023, contributing to relatively strong supply. Some OPEC+ countries also overproduced compared to targets.
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Donald Trump is close to taking his social media company public through a merger, a deal that could make him billions. Regulators have finally approved the merger.
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US mortgage rates rose this week following strong economic data, diminishing hopes for a spring homebuying rebound. Rates may stay higher for longer.