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On December 13th, two US officials stated that the UN-authorized international stabilization force in Gaza could be deployed as early as next month, but the method for disarming Hamas remains unclear. The force will not fight Hamas, and its size, composition, and rules of engagement are still being determined.On December 13, the National Trust for Historic Preservation, a U.S. heritage preservation organization, filed a lawsuit on December 12 against U.S. President Trump and several federal agencies, demanding a halt to the ongoing renovation project of the White House banquet hall and claiming the project is illegal. The trust issued a statement on December 12 announcing that it had filed the lawsuit in the U.S. District Court for the District of Columbia, seeking a halt to the White House banquet hall renovation project until it undergoes a comprehensive design review and public comment period, and receives congressional approval. The trust argues that the Trump administration, in rapidly advancing the White House banquet hall renovation project, failed to submit planning proposals for necessary review as required by law, and that the project, without congressional authorization, exceeds the presidents constitutional authority. The lawsuit names Trump, the National Park Service, the Department of the Interior, the General Services Administration, and the heads of these departments as defendants.On December 13th, the White House announced that U.S. Special Envoy for the Middle East, Viktor Witkov, will meet with Ukrainian President Volodymyr Zelensky and several European leaders in Berlin this weekend to advance the U.S.-proposed Russia-Ukraine peace plan by the end of the year. Analysts suggest this "urgent dispatch" highlights the U.S.s attempt to narrow its differences with Ukraine on the terms of the Russia-Ukraine peace plan before the end of the year. Witkov is scheduled to hold talks with officials from France, the UK, and Germany on December 14th and 15th, respectively.Nasdaq companies: Allergan Pharmaceuticals, Ferrovia, Insmed, Single-Chip Power Systems, Seagate Technology, and Western Digital will be included in the Nasdaq 100 Index.Nasdaq companies: Biogen, CDW, GlobalFoundries, Lululemon, ON Semiconductor, and TradeDesk will be removed from the Nasdaq 100 Index.

Oil prices fall as rising COVID cases in China reignite fuel demand concerns

Skylar Williams

Jul 18, 2022 11:00

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Oil prices fell $1 in early trade in Asia on Monday, erasing Friday's gains, as attention reverted to rising COVID-19 cases in China and the likelihood of gasoline consumption restrictions in the world's top oil importer.


Futures for August delivery of U.S. West Texas Intermediate (WTI) oil declined $1.54, or 1.6%, to $96.05 a barrel at 00:55 GMT on Saturday, after gaining $1.91 on Friday.


Brent oil futures for September delivery fell $1.47, or 1.5 percent, to $99.69 a barrel, paring Friday's gain of 2.1%.


China, the second-largest oil consumer in the world, reported 691 new COVID cases on Saturday, up from 547 the previous day, and the highest number of locally transmitted cases since May 23.


"Oil opens the week lower as the market digests the demand impact of the increase in new COVID cases in China and as the market cautiously awaits the monumental event risk of whether Nord Stream 1 gas flow from Russia to Europe will resume later this week," said Stephen Innes, chief executive officer of SPI Asset Management.


The largest system carrying Russian natural gas to Germany, the Nord Stream 1 pipeline, commenced 10 days of annual maintenance on July 11. Due to the war in Ukraine, governments, markets, and companies are afraid that the shutdown might be prolonged.


This gas loss would have a devastating impact on Germany, the fourth-largest economy in the world, and raise the possibility of a recession.


As predicted, Vice President Joe Biden's trip to Saudi Arabia generated no pledge to raise oil output from the biggest OPEC producer. Prior to Biden's meeting with Saudi Crown Prince Mohammed bin Salman, this belief in an impending oil scarcity led to last Friday's price increase.


Biden wants Gulf oil firms to raise output in an effort to lower oil prices and inflation.


Amos Hochstein, a senior counselor for energy security at the U.S. State Department, indicated on CBS' Face the Nation on Sunday that the trip will result in oil producers taking "a few more steps" in terms of supply, but he did not identify which nation(s) will raise output.


As their current output agreement expires in September, the August 3 meeting of the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia, known collectively as OPEC+ will be closely watched.

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