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Bank of England Governor Bailey will speak in ten minutes.On July 15th, electric vehicle company Lucid Group (LCID.O) denied a blog post alleging a possible privatization or filing for Chapter 11 bankruptcy protection in the United States, calling the post "completely untrue." This followed a more than 50% plunge in the companys stock price, marking its largest single-day drop in history. Lucid stated that it has sufficient liquidity to support operations through next year and has not formed a special board committee to discuss the scenarios described in the report. The company also stated that its restructuring advisor, AlixPartners, is assisting the company in improving its execution and operations and has not recommended filing for bankruptcy. Due to the sharp stock price fluctuations, the stock was halted multiple times after 1 PM Eastern Time, plunging as much as 57% to $2.37 before recovering to a 15% loss near the close.Court documents show that the Writers Guild of America has filed a lawsuit seeking to block Paramounts acquisition of Warner Bros. Discovery (WBD.O).On July 15th, it was reported that on July 14th local time, the U.S. Central Command announced that the U.S. military launched a new round of strikes against Iran at 3:00 PM Eastern Time (10:30 PM Tehran Time). The U.S. military is also preparing to reinstate a naval blockade against Iranian ports and coastal areas, which "officially took effect at 4:00 PM Eastern Time (11:30 PM Tehran Time)." Previously, on July 13th, the U.S. military announced a "third consecutive night" of strikes against Iran and would reinstate the naval blockade on July 14th Eastern Time. According to U.S. sources on July 13th, President Trump had formally notified Congress of the renewed conflict with Iran.OpenAI responded to Apples lawsuit: No evidence has been found to support the allegations.

Oil decreases due to demand concerns and increased supply

Haiden Holmes

Aug 11, 2022 11:14


Thursday morning Asian trade saw a dip in oil prices as traders anticipated an increase in oil production and a decrease in demand.


Brent oil prices fell 53 cents, or 0.5%, to $96.87 a barrel by 00:05 GMT, while U.S. West Texas Intermediate crude futures fell 61 cents, or 0.7%, to $91.32.


The U.S. Energy Information Administration stated that crude oil stockpiles rose by 5.5 million barrels in the most recent week, above the forecasted increase of 73,000 barrels.


The gasoline product supply grew to 9.1 million barrels per day in the most recent week, despite a 6% reduction in demand over the previous four weeks compared to the same time in the previous year.


Flows on the Russia-to-Europe Druzhba pipeline resumed earlier this week.


The Russian oil pipeline monopoly Transneft has restarted oil transport along the southern portion of the Druzhba oil pipeline. Since the start of this month, Ukraine has restricted Russian oil pipeline exports to parts of central Europe because Western sanctions prevented it from receiving transit payments from Moscow, Transneft said on Tuesday.


Later on Wednesday, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) will announce their respective monthly oil statistics.

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