Global oil demand is beginning to recover as crude shipments through the strategic Strait of Hormuz gradually resume and oil prices ease, according to the International Energy Agency's (IEA) latest monthly report released on Friday.
According to Reuters, the Paris-based energy watchdog said global oil consumption is rebounding after hitting a low point in May, supported by improving supply conditions and lower prices. The agency, however, continues to expect demand growth to remain weaker than previously anticipated because of the impact of the Middle East conflict.
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