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(Bloomberg) -- The International Energy Agency once again slashed expectations for a global oil surplus this year amid stronger demand growth in Asia and sanctions on OPEC+ nations.The agency now sees an overhang of 450,000 barrels a day in 2025, marking a cut of roughly 50% in just two months. It bolstered forecasts for world oil consumption this year by just under 100,000 barrels a day, to 1.1 million per day, and cut projections for output from OPEC+ nations including Russia and Iran as the U

Elon Musk called on Thursday for the United States to “delete entire agencies” from the federal government as part of his push under President Donald Trump to radically cut spending and restructure its priorities. Musk offered a wide-ranging survey via a videocall to the World Governments Summit in Dubai, United Arab Emirates, of what he described as the priorities of the Trump administration interspersed with multiple references to “thermonuclear warfare” and the possible dangers of artificial intelligence. “We really have here rule of the bureaucracy as opposed to rule of the people — democracy,” Musk said, wearing a black T-shirt that read: “Tech Support.”

As a candidate last year, Donald Trump suggested he could easily conquer inflation and ease voters' fears about the economy. Wednesday's consumer price index report showed that inflation is punching back — and President Trump could end up facing the same challenges that dragged down his predecessor, President Joe Biden. The annual inflation rate has risen in the three months since the November election to 3%, with gasoline prices climbing despite Trump's claims that his return to the White House would signal increased oil production that would lower energy costs.

"Crude demand clings by a thread," Bank of America said, predicting that slowing global GDP and green infrastructure will weaken oil demand.

Oil prices fell more than 1% on Thursday as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising crude inventories in the United States. Brent futures were down $1 or 1.3%, at $74.18 a barrel by 1400 GMT while U.S. West Texas Intermediate (WTI) crude dropped 97 cents, or 1.4%, to $70.40. Brent and WTI lost more than 2% on Wednesday after U.S. President Donald Trump said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him and Trump ordered U.S. officials to begin talks on ending the war in Ukraine.

The dollar slipped on Thursday after components of January's producer price report indicated that core PCE inflation, the Federal Reserve's preferred inflation measure, is likely to be lower than previously thought when it is released later this month. It came despite producer prices rising more than economists expected. “There were some subcomponents in there that show that PCE might not be as hot as CPI suggested,” said Noel Dixon, global macro strategist at State Street Global Markets.

(Bloomberg) -- US Treasury Secretary Scott Bessent presented an economic partnership agreement to President Volodymyr Zelenskiy during his visit to Kyiv, which he said would be necessary for continued support from President Donald Trump’s administration.Most Read from BloombergWhy American Mobility Ground to a HaltSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterSpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in MayCutting Arena Subsidies Can Help Cover Tax Cuts, Think Tan