Oil prices slide as hopes for China demand rebound fade
SINGAPORE (Reuters) -Oil prices fell more than...
SINGAPORE (Reuters)-Oil prices fell more than $1 a barrel on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world's top crude importer.
Brent crude futures dropped $1.20, or 1.2%, to $97.37 a barrel by 0227 GMT, after hitting as low as $96.50 earlier. U.S. West Texas Intermediate crude was at $91.24 a barrel, down $1.37, or 1.5%, dropping to a session low of $90.40 a barrel earlier in the session.
Angry Sen. Manchin blasts Biden for his anti-coal comments
Just weeks after West Virginia U.S. Sen. Joe Manchin supported President Biden on one of his projects,...
Just weeks after West Virginia U.S. Sen. Joe Manchin supported President Biden on one of his projects, Manchin has been left fuming after the President called for coal plants in the U.S. to be shuttered.
The Democratic Senator blasted Biden calling his remarks “outrageous and divorced from reality,” adding that it’s time “he learned a lesson.”
Manchin, who at times appears to support Republicans when it comes to the oil and gas industry, said the President’s remarks made in California on Friday “ignore the severe economic pain the American people are feeling because of rising energy costs.”
The US diesel crunch means it's time to stock up on food
A shortage of diesel in the US has set alarm bells ringing for many experts, who are...
A shortage of diesel in the US has set alarm bells ringing for many experts, who are flagging higher prices for goods and risks to food supply as truckers pay more for fuel.
Inventories of diesel have sunk far below emergency levels, and EIA data showed US had only 25 days' supply of diesel left in reserves as of three weeks ago — a low not seen since 2008.
Diesel is used in freight transportation, and tight supply could mean less food and other goods getting onto supermarket shelves, and higher delivery costs feeding into higher prices for consumers. That could worsen already high inflation.
📱Apple warns that iPhone shipments will be affected by China production issues
Apple Inc. said Sunday that it now expects lower shipments of...
Apple Inc. said Sunday that it now expects lower shipments of its high-end iPhone 14 Pro and iPhone 14 Pro Max devices than it did previously, as COVID-19 issues hamper production in China.
“We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models,” the company announced in a Sunday evening press release. “However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated and customers will experience longer wait times to receive their new products.”
Apple AAPL, -0.19% acknowledged in its release that COVID-19 issues have “temporarily impacted” production of the devices at the Zhengzhou site that is the “primary” assembly facility for the iPhone 14 Pro and iPhone 14 Pro Max. That facility is currently seeing “significantly reduced” operating capacity.
This week’s Baker Hughes rig report showed a gain in the number of oil and gas rigs in Oklahoma and...
This week’s Baker Hughes rig report showed a gain in the number of oil and gas rigs in Oklahoma and across the U.S.
Oklahoma’s count increased by one to a total of 67 rigs. A year ago, there were only 44 active rigs in the state.
Nationally, the total rig count, reported by Baker Hughes, increased by two to 770. The gain included 3 more oil rigs for a total of 613 while the number of gas rigs fell one to 155.
The U.S. count is 220 more than the 550 rigs reported a year ago. In the past 12 months, the national rig count gained 163 oil rigs and 55 gas rigs.
