Dow Jones Top Energy Headlines at 11 AM ET: Oil Prices Fall. The Stock Market Can't Keep Ignoring Strait of Hormuz Chaos. | OPEC ...
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Oil prices fell as President Trump headed to Beijing for a summit with Xi Jinping. OPEC cut its oil demand forecast to 1.17 million barrels a day due to the Strait of Hormuz crisis. RWE reported a 25% rise in adjusted earnings, whileN confirmed a 7% increase in net profit. The EIA expects a significant decline in global oil stocks due to the ongoing war in Iran. Additionally, Adnoc Gas anticipates a profit hit of $400-$600 million from the strait's closure, and Aramco warned of a potential loss of 100 million barrels a week if the situation persists.
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