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• Gasoline Prices See The Largest Drop In Nearly 15 Years
  While gasoline prices are still $1.50 higher per gallon than they were this time last year, they fell...
  While gasoline prices are still $1.50 higher per gallon than they were this time last year, they fell sharply overnight in what was the largest one-day drop in nearly 15 years, according to AAA data.
  
  The current price for a gallon of gasoline in the United States is averaging $4.721 on Friday, down from $4.752 per gallon on Thursday—a 3.1-cent drop. The weekly change is even more significant at 12.1 cents.
  
  According to Gas Buddy’s Patrick De Haan, more than 5,800 gas stations across the country are offering gasoline at $3.99 per gallon or less.
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• EIA reports hefty rise in US crude oil stockpiles
  The ...
  The Energy Information Administration on Thursday reported that U.S. crude inventories climbed by 8.2 million barrels for the week ended July 1. On average, analysts expected a fall of 1.2 million barrels, according to a poll conducted by S&P Global Commodity Insights. Data were delayed by a day due to Monday's Independence Day holiday. The American Petroleum Institute on Wednesday reported a 3.8 million-barrel increase, according to sources. The EIA report also showed supply declines of 2.5 million barrels for gasoline and 1.3 million barrels for distillates. The analyst survey called for an inventory decline of 500,000 barrels for gasoline and an increase of 1 million barrels for distillates. Crude stocks at the Cushing, Okla. Nymex delivery hub were little changed at 21.3 million barrels for the week, the EIA said.

  
   
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• Exxon, Shell may pursue part of $1.8 billion Nigerian award-
  NEW YORK (Reuters) - A U.S. appeals court on Friday said Exxon Mobil Corp and Royal...
  NEW YORK (Reuters) - A U.S. appeals court on Friday said Exxon Mobil Corp and Royal Dutch Shell Plc affiliates may try to enforce part of a $1.8 billion arbitration award against Nigeria's state-run oil company, in a dispute concerning oil extraction near the African country's coastline.
  
  In a 3-0 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in rejecting the entire October 2011 award, which by 2018 had grown to $2.67 billion including interest, against Nigerian National Petroleum Corp.
  
  It said the judge should have determined which parts of the award had been deemed enforceable by a Nigerian appeals court.
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• Buffett’s Berkshire Hathaway Boosts Stake in Occidental Petroleum to 18.7%
  Warren Buffett’s Berkshire Hathaway Inc. said on July 7 that it bought another 12...
  Warren Buffett’s Berkshire Hathaway Inc. said on July 7 that it bought another 12 million shares of Occidental Petroleum Corp. this week, giving it an 18.7% stake in the oil company.
  
  The purchases were made on July 5 and 6 and cost about $698 million, Berkshire said in a U.S. Securities and Exchange Commission filing.
  
  Buffett’s company also purchased 9.9 million Occidental shares last week.
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• What Else is Brewing Friday Morning
  Mortgage rates posted their biggest weekly decline since 2008, from 5.7% to 5.3%.
  
  Former Theranos executive Sunny Balwani was convicted of defrauding investors and patients in his role as president and COO of the company.
  
  GameStop fired its CFO and is laying off staff across departments.
  
  Rafael Nadal withdrew from Wimbledon ahead of his semifinal match due to a torn abdominal muscle.
  
  James Caan, the actor best known for his Oscar-nominated performance as Sonny Corleone in The Godfather, died at 82.
  
  World Cup stadiums in Qatar won’t serve alcohol this fall, according to Reuters. Qatar is the first Muslim nation with strict alcohol rules to host a World Cup.
  
  
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