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  Bloomberg

  Oil Hits Fresh High for the Year on Simmering Black Sea Risks

  (Bloomberg) -- Oil climbed to its highest in almost nine months on concern that a possible escalation of the conflict between Russia and Ukraine may hamper supplies in an already tightening market.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Texting Fines Exceed $2.5 BillionW

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  Reuters

  Oil hits new highs as tighter supply offsets China demand concern

  LONDON (Reuters) -Oil hit new peaks on Wednesday with Brent crude touching the highest since April as tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China and a report showing rising U.S. crude inventories. Top exporter Saudi Arabia last week extended its voluntary production cut of 1 million barrels per day for another month to include September, and Russia said it would cut oil exports by 300,000 bpd in September. "The latest recovery is mainly driven by the pledge of major producers, like Saudi Arabia and Russia, to keep supply subdued for another month," said Charalampos Pissouros, senior investment analyst at broker XM.

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  Zacks

  4 Non-Ferrous Metal Mining Stocks to Watch Amid Industry Turmoil

  Although low metal prices cloud the near-term prospects for the Zacks Mining - Non Ferrous industry, strong demand, aided by the energy-transition trend, will support it. Stocks like FCX, ERO, UUUU and CDE are worth keeping a tab on, backed by their growth prospects.

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  Reuters

  Costs from supply chain disruptions drop by over 50% but headwinds remain -survey

  Disruptions led to an average $82 million in annual losses per company last year in key industries like aerospace, compared with $182 million in 2021, and $184 million in 2020, supply- chain risk management company Interos told Reuters ahead of publication. In the latest report, Interos surveyed 750 companies with annual revenues between $500 million and $50 billion from energy, financial services, oil and gas, healthcare, government and aerospace. "The key takeaway is that people recognize it's better than it was, but it will not go back to the way that it was in 2019," said Interos industry analyst Tim White.

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  Investor's Business Daily

  Fluor Stock Rating Pops; Nearing Buy Point As Profits Gush

  Highly ranked Fluor just got a huge rating upgrade. The Relative Strength (RS) Rating for Fluor stock soared from 67 last week to 90 Monday after it reported outstanding financial results on Friday. Irving, Texas-based Fluor provides construction services and supplies to the oil and gas industry, along with mining, transportation and other industries.

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  Bloomberg

  Bayer Lowers Revenue Forecasts for Crops and Drugs Units

  (Bloomberg) -- Bayer AG reduced its sales forecasts for its crop science and pharma divisions this year, accounting for the German company’s profit warning last month. Most Read from BloombergMusk Says He May Need Surgery, Will Get MRI on Back and NeckUS Bank Shares Drop as Moody’s Cuts Ratings, Warns on RisksThe Global South Breaks Away From the US-Led World OrderWall Street’s New WhatsApp Fines Take Tab Past $2.5 BillionChina’s Trade Plunges More Than Forecast in Blow to RecoveryRevenue for th

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  Reuters

  Declining imports compress US trade deficit in June

  The U.S. trade deficit narrowed sharply in June as businesses cut back on purchases of foreign-made capital goods, resulting in imports falling to the lowest level in more than 1-1/2 years. The decline in imports reported by the Commerce Department on Tuesday potentially signals a slowdown in business investment and overall domestic demand amid hefty interest rate hikes from the Federal Reserve. "Weakening consumer demand for goods and retreating inventory growth by businesses have softened imports this year, while exports continue to trend downward as the global economic backdrop softens," said Matthew Martin, a U.S. economist at Oxford Economics.

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  Reuters

  US wholesale inventories revised lower in June

  U.S. wholesale inventories fell more than initially estimated in June, which could have implications for the second-quarter gross domestic product estimate. The Commerce Department said on Tuesday that wholesale inventories dropped 0.5% instead of falling 0.3% as previously reported last month. Stocks at wholesalers declined 0.4% in May.