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• China Oil Imports from Russia Soar, Surpass Top Supplier Saudi
  China’s crude oil imports from Russia soared 55% from a year earlier to a record level in May,...
  China’s crude oil imports from Russia soared 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine.
  
  Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totaled nearly 8.42 million tonnes, according to data from the Chinese General Administration of Customs.
  
  That’s equivalent to roughly 1.98 million bbl/d and up a quarter from 1.59 million bbl/d in April.
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• What Else is Brewing Thursday Morning
  Elon Musk quietly had twins last year with Shivon Zilis, a top executive at his company Neuralink, Insider reported. Musk, who has repeatedly warned of “population collapse,” now has nine known children.
  
  Juul products are being sold again after the FDA suspended—but didn’t totally rescind—its ban.
  
  Leaders of the FBI and MI5 made their first-ever joint appearance to warn of the “immense” threat that China poses to economic and national security.
  
  Taco Bell ran out of its menu items featuring a massive Cheez-It less than a week after they began a test run.
  
  Chevy held an auction (twice) for its first NFT, and it drew exactly 0 bids.
  
  
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• U.S. initial jobless claims edge upward to 235,000 in July 2 week
  The numbers: Some 235,000 people applied for jobless benefits last week, marking the...
  The numbers: Some 235,000 people applied for jobless benefits last week, marking the highest number in six months and possibly signaling that layoffs are on the rise as the U.S. economy slows.
  
  New jobless claims rose by 4,000 from 231,000 in the prior week.  Economists polled by the Wall Street Journal forecast initial jobless claims to total 230,000 in the seven days ended July 2.
  

  
  
  New filings had fallen to as low as 166,000 in late March — the second-fewest on record — before moving higher over the past several months.
  
  The four-week average of new jobless claims, which smooths out the temporary ups and downs, rose to 232,500. That’s the highest level since January.
  
  
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• U.K. Prime Minister Boris Johnson announces he will step down
  U.K.'s Boris Johnson on Thursday said he would step down in a defiant address in which...
  U.K.'s Boris Johnson on Thursday said he would step down in a defiant address in which he talked of his administration's achievements and noted his standings in the polls despite a difficult economic backdrop. "When the herd moves, it moves," said Johnson of his fellow Conservative parliamentary members. He thanked voters for an "incredible mandate" but said a "Darwinian" system would produce a new leader. He said he will stay on as caretaker leader until a replacement is found.
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• Crude oil prices take another drop
  Crude oil prices took another dip in Wednesday’s trading as both WTI and Brent crude dropped...
  Crude oil prices took another dip in Wednesday’s trading as both WTI and Brent crude dropped about 2% to a 12-week low—another sign of investors growing more worried about energy demand and an expected global recession.
  
  It was the second straight day of price declines as West Texas Intermediate crude for August delivery fell 97 cents or 1% to settle at $98.53 a barrel. It was the lowest front-month finish since April.  Prices have tumbled more than 20% since March 8 when WTI prices settled at $123.70 a barrel.
  
  Global benchmark Brent crude for September delivery plunged $2.08 to finish the day at $100.69 a barrel.
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