Crude Oil Futures Settle Lower As OPEC Decides To Trim Production Cuts
Majority of Americans in Largest Cities Report Covid Depression
The majority of Americans in the largest metro areas felt down, depressed or hopeless last week, according to Bloomberg calculations from a new U.S. Census Household Pulse Survey, which collects data on how people’s lives have been impacted by the Covid-19 pandemic.
Some of the sunniest cities were the saddest, with high levels of depression reported in Phoenix, Los Angeles and Miami.
Almost two-thirds of respondents among households where a member lost income due to coronavirus-induced lockdowns reported feeling depressed. In contrast, less than half without wage declines expressed similar emotions.
Americans younger than 50 were most worried about losing their livelihoods and reported more despondency.
Treasury Announces Details Of Twenty-Year Bond Auction
The Treasury Department announced the details of this month’s auction of twenty-year bonds on Thursday.
The Treasury revealed it plans to sell $17 billion worth of twenty-year bonds, with the results due to be announced next Wednesday.
Last month, the Treasury also sold $17 billion worth of twenty-year bonds, drawing a high yield of 1.314 percent and a bid-to-cover ratio of 2.63.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
The Treasury sold $20 billion worth of twenty-year bonds in May in the first twenty-year bond auction since 1986.
Crate And Barrel Recalls Parke Twin And Full Beds
Crate and Barrel recalled about 2,440 units of Parke Twin and Full Beds for potential fall hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed.
The company said the headboard on the recalled beds can separate from the side rails to pose a fall hazard.
The recall involves six models of Crate and Barrel Parke model twin and full platform beds with a wood headboard and frame. “Crate and Barrel” and “Parke” are printed on the bed’s headboard.
The company said it has received nine reports of incidents of the headboard separating from the frame, including two foot injuries.
Crate and Barrel urged customers to immediately stop using the recalled beds and contact it for a free replacement.
The beds were made in Vietnam and imported in to the U.S. by Northbrook, Illinois-based Crate and Barrel. They were sold at Crate and Barrel stores across the U.S. and online at www.crateandbarrel.com from December 2018 through January 2020 for about $500 for the twin bed and about $600 for the full bed.
In March 2020, Crate and Barrel had also recalled about 2,560 units of 84 oz. glass Miles Pitchers with wood lid as the handle on the pitcher can break to pose a laceration hazard.
Iran security forces fire tear gas to disperse protesters: witnesses
DUBAI (Reuters) – Iranian security forces fired tear gas on Thursday to disperse anti-establishment demonstrators gathered in the southwestern city of Behbahan, witnesses told Reuters, adding there was a heavy presence of forces in other cities.
“Security forces also clashed with demonstrators in Behbahan,” one witness said.
AOP Podcast: China – Which way after Huawei?
Adam Boulton and guests discuss the UK’s delicate relations with China and Russia after the Huawei news and claims of Russian hacking.
Bonnier taps new CEO amid deal to sell US publications
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Crude Oil Futures Settle Lower As OPEC Decides To Trim Production Cuts
Crude oil futures settled lower on Thursday on worries about the outlook for near term energy demand and the latest decision by OPEC+ to start tapering production cuts beginning next month.
Rising tensions between the U.S. and China and the relentless surge in new coronavirus cases that has raised fears many countries across the world might resort to fresh lockdown measures have once again triggered concerns about energy demand.
Wednesday’s data from the Energy Information Administration that showed U.S. crude inventories dropped by 7.5 million barrels last week, nearly four time the expected drop of about 2.1 million barrels, helped limit oil’s slide.
West Texas Intermediate Crude oil futures for August ended down $0.45 or about 1.1% at $40.75 a barrel.
Brent crude futures were down $0.45 or 1% at $43.35 a barrel.
On Wednesday, OPEC and its allies agreed to start trimming oil production cuts from August, reducing their cuts to 7.7 million barrels per day till December. Earlier, the deal was to cut production by 9.7 million barrels per day. OPEC+ was in compliance with agreed cuts in May and June.
At a press conference following a meeting of the group, Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said actual cuts, including the reductions from countries compensating for overproduction, will be at roughly 8.1 million to 8.2 million barrels per day, pending data from June.
