Oil Down Over Oversupply Fears By Investing.com

© Reuters.

By Bryan Wong

Investing.com- Oil was down on Tuesday morning in Asia, giving up its gains from the previous session as demand worries dampened investor sentiment.

Libya’s state oil company National Oil Corporation said overnight that it was making progress on talks with neighboring countries to lift an export blockade, leading to fears of an oversupply in the midst of fragile demand. The country makes up around 1{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} of global oil supply.

Demand recovery has been hit by ever-increasing COVID-19 numbers, with global cases topping 10.2 million as of June 30, according to Johns Hopkins University data.

 dropped 0.38{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} to $41.69 by 1:05 AM ET (05:05 AM GMT) while   slid 0.53{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} to $39.48. 

Investors will be looking at crude oil supply data from the American Petroleum Institute (API), due later in the day.

“It’s really difficult to say that demand is a one-way street. There are still plenty

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Stocks end higher on Boeing bump, stimulus hopes

NEW YORK — Wall Street stocks closed higher on Monday and the S&P 500 was poised to clinch its biggest quarterly percentage gain since 1998 as investors hoped for a stimulus-backed economic rebound, while a surge in Boeing shares helped boost the blue-chip Dow.

The planemaker’s shares jumped more than 14 per cent after a 737 MAX took off on Monday from a Seattle-area airport on the first day of certification flight testing with U.S. Federal Aviation Administration and company test pilots, a crucial moment in Boeing’s worst-ever crisis.

A spike in virus infections in Southern and Western states last week sent the S&P 500 down nearly 3 per cent, but the threat of a deeper-than-feared recession has led investors to expect more stimulus measures from the Federal Reserve or Congress.

But the sting of rising infections was blunted by the pricing of the antiviral drug remdesivir, which has been

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‘Winning Now, Winning Later’ author David Cote on his secret to corporate creativity

In his new book on corporate leadership, Winning Now, Winning Later, which debuts Tuesday, former Honeywell CEO David Cote has written what Fortune previously dubbed The War and Peace of business books. The tome, which is packed with management lessons and riveting stories from the trenches of corporate America and hits shelves June 30, is likely to inspire a new generation of leaders in training.

The book primarily deals with the tension every leader faces: satisfying Wall Street today, while still placing the big bets that will ensure growth down the line.

But on a personal level, Cote also delves deep about leadership, including his own processes for finding time to think big thoughts amid the daily grind. He lays out three elements of leading a large organization effectively: mobilizing groups of people, picking the right direction, and getting people moving in that direction. “Most people overemphasize the first … Read More

Oil Drop Persists as Virus Cases Hit New High And Threatens Demand By Investing.com

© Reuters.

By Bryan Wong

Investing.com – Oil continued its drop on Monday morning in Asia, following last week’s plummet. Investor worries over demand were amplified after COVID-19 cases surpassed ten million and deaths surpassed half a million as of June 29, according to Johns Hopkins University data.

 dropped 1.86{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} to $40.17 by 12:59 AM ET (04:59 AM GMT)  and  also slid 2.10{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} to $37.69. 

The U.S. is seeing a big surge in virus cases with some states hitting an all-time high. Only two states- Connecticut and Rhode Island, reported a decline in new cases compared to last week.

Asia also recorded a stark increase in infections in countries such as Indonesia, Philippines, and India, with India recording its biggest surge in cases over 24 hour period for a second consecutive day. The country recorded 9,906 new cases as of June 29.

Meanwhile, Chinese state-owned oil refining giants including China

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Dave called it: Why Rosenberg saw a downgrade in Canada’s future

On Wednesday, the Fitch credit ratings agency downgraded Canada’s triple-A rating to AA+, citing the “deterioration” of the country’s finances resulting from the fight against COVID-19. The move came as a surprise to some, but David Rosenberg, founder of independent research firm Rosenberg Research & Associates Inc., saw the trouble brewing earlier this year. The following note, outlining his concern that a downgrade might be in the offing, was published in the firm’s Breakfast With Dave Newsletter on April 24, under the headline, ‘Will Canada get a credit downgrade?’

There is a very good chance that the need for more massive federal assistance for the provinces, for households, for the business sector, will trigger a downgrade at some point soon. ‎It may be true that the federal government went into this mess with a seemingly well contained 31 per cent debt-to-GDP ratio, but for the entire economy, at all

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When does the extra $600 in federal unemployment end? What to know before it expires

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The CARES Act passed in March set aside an additional $600 per week in unemployment insurance (UI) as a financial cushion for the tens millions of Americans who would soon lose their jobs during the pandemic.

Americans receive the extra $600 per week in unemployment benefits on top of their state benefits. But that extra $600 benefit recedes at the end of July unless the federal government extends it.

That means millions of Americans are about to take a $600 weekly—$2,400 per month—cut in pay. That financial blow to unemployed American’s finances comes as the unemployment rate sits at 13.3{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7}, and 59{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} of CEOs tell Fortune they’ve implemented hiring freezes since the onset of the pandemic. Despite an improving economy, it’s still a terrible time … Read More