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August 1st - According to reports from the United States on July 31st, July this year is expected to be the hottest month on record in the continental United States. Meanwhile, a new "heat dome" is forming in the western United States, and the high temperatures are expected to continue. It is reported that as of July 29th, the average temperature in the United States this July was about 1.4 degrees Celsius higher than the average for the same period from 1991 to 2020. Although the final average temperature data for July will not be released until early August, media predictions suggest that this figure could break the record set in July 2012, making July this year the hottest month on record in the continental United States.Japans Ministry of Finance: Monetary authorities have a wide range of tools to address market liquidity needs.On August 1st, the South Korean National Assembly passed an amendment to the Criminal Procedure Act on July 31st, abolishing the prosecutors authority to conduct direct and supplementary investigations. This is another legislative measure in South Koreas push for reform of the prosecutorial system. The National Assembly passed the amendment with 175 votes in favor, 2 against, and 1 abstention. According to the amendment, the prosecutors office will no longer have the authority to conduct direct investigations, nor may it conduct supplementary investigations on its own. If a prosecutor believes a case requires further investigation, they can only request the judicial police to conduct supplementary investigations.August 1st - According to the Japan Meteorological Agency, a magnitude 5.8 earthquake struck off the coast of Aomori Prefecture, Japan, at approximately 11:48 AM local time today (August 1st). The maximum tremor was felt at intensity 4, and the epicenter was at a depth of 80 kilometers. There is no risk of a tsunami.According to the Japan Meteorological Agency, a 5.8-magnitude earthquake struck off the coast of Aomori Prefecture, Japan, on August 1.

Oil prices fall as supply increases and Chinese demand decreases

Aria Thomas

Sep 01, 2022 10:56

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Oil prices declined in early Asian trading on Thursday, pressured lower by increased supply and worries that China's new COVID-19 restrictions may further hurt the global economy.


Brent crude futures fell 37 cents, or 0.4%, to $95.27 a barrel at 00:06 GMT. West Texas Intermediate (WTI) oil futures dropped 32 cents, or 0.4%, to $89.23 per barrel.


Recent market volatility has been influenced by concerns over inadequate supply in the months following Russia's invasion of Ukraine and as OPEC attempted to increase output.


In spite of this, production in both OPEC and the United States has reached its highest level since the outbreak of the coronavirus. OPEC's output hit 29.6 million barrels per day (bpd) in the most recent month, while U.S. output rose to 11.82 million bpd in June, according to a Reuters survey. Since April 2020, both have achieved their highest points.


As a result of new COVID infections, the worst heat wave in decades, and a problematic property market, China's manufacturing activity continued to decline in August, signaling that the economy may struggle to retain momentum.


Group of Seven finance ministers will discuss the U.S. Biden administration's proposed price ceiling on Russian oil during their meeting on Friday, according to the White House.

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