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• U.S. trade deficit falls 19% to $87.1 billion and comes off record high
  The numbers: The nation’s trade deficit shrank 19% in April to $87.1 billion as exports...
  The numbers: The nation’s trade deficit shrank 19% in April to $87.1 billion as exports rebounded and imports fell, but the U.S. is still on track to post another record trade gap in 2022.
  
  The deficit narrowed from a record $107.7 billion in March, the first time it’s ever topped $100 billion in a single month.
  

  
  
  Economists polled by The Wall Street Journal had forecast an $89.4 billion shortfall.
  
  Exports rose 3.5% to $252.6 billion. Imports slid 3.4% to $339.7 billion.
  
  Market reaction: The Dow Jones Industrial Average DJIA, +0.05% and S&P 500 SPX, +0.31% were set to open lower in Tuesday trades.
  
  
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• What’s Affecting Oil Prices This Week?
  In its latest oil price forecast, Stratas Advisors holds to the view that oil prices would not move significantly...
  In its latest oil price forecast, Stratas Advisors holds to the view that oil prices would not move significantly higher than $120 over the next few months.
  
  The price of Brent crude ended the week at $119.72 after closing the previous week at $119.43. The price of WTI ended the week at $118.87 after closing the previous week $115.07.
  
  During the previous week, there were some newsworthy developments.
  
  Read Full Story on Hart Energy
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• Citi Raises Oil Price Forecasts on ‘Heavily Delayed’ Iran Deal
  Citi Research on June 6 raised its quarterly oil price forecasts for this year and its year-average outlook...
  Citi Research on June 6 raised its quarterly oil price forecasts for this year and its year-average outlook for 2023, because additional supply from Iran looked heavily delayed, adding to tighter market balances.
  
  Delay in Iran sanctions relief is the main factor tightening balances, Citi said.
  
  Citing tighter market balances, Citi raised its second-quarter 2022 Brent price forecast by $14/bbl to $113/bbl, and the third and fourth quarter prices by $12, to $99 and $85, respectively. The bank estimates Brent to average $75/bbl in 2023, revised higher by $16.
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• What Else is Brewing Tuesday Morning
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  • Here’s what you need to know about the primaries in seven states today.
  
  
  • New York banned residents under age 21 from buying a semiautomatic rifle, one of 10 public safety-related bills signed by Gov. Kathy Hochul yesterday.
  
  
  • JetBlue upped its offer to buy Spirit Airlines to try to convince the board to reject a competing bid from Frontier.
  
  
  • Mercedes-Benz is recalling nearly 1 million older vehicles globally over faulty brakes.
  
  

  
  
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• Biden tries to thaw the frozen solar industry
  The US said it’s a) granting a ...
  The US said it’s a) granting a two-year tariff exemption on solar panels produced in Southeast Asia and b) invoking the Defense Production Act to jumpstart American manufacturing of panels at a time when the sector has been paralyzed due to a government investigation. As we wrote about last month, the Commerce Department launched a probe into Chinese-made solar products, and the threat of retroactive punishment has put many projects on ice.
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