Oil Futures Settle Notably Lower On Demand Concerns

Crude oil prices drifted lower on Thursday as weak data and worries about a U.S. recession raised concerns about the outlook for oil demand.

Strong exports data from China helped limit oil’s downside.

West Texas Intermediate Crude oil futures for May ended lower by $1.10 or about 1.3% at $82.16 a barrel, after rising to multi-month highs in the previous session.

Brent crude futures were down $1.10 or 1.27% at $86.23 a barrel a little while ago.

On Wednesday, minutes from the Federal Reserve’s last policy meeting indicated the economy could see a mild recession later this year due to the stress in the banking sector.

Oil prices were also weighed down by the OPEC’s monthly report that flagged downside risks to summer oil demand.

Data showing a surge in China’s crude imports in March supported oil prices.

Data from Energy Information Administration (EIA) on Wednesday showed crude oil inventories increased by 0.6 million barrels last week as against expectations for a drop of 0.6 million barrels.

Moen Recalls Flo Battery Back-Ups For Flo Smart Water Monitors Due To Fire Hazard

Moen has recalled about 10,000 Flo Battery Back-Ups for Flo Smart Water monitors due to fire hazard.

According to the Consumer Product Safety Commission, the lithium-ion battery back-up can overheat, posing a fire hazard.

The recall involves the Flo Smart Water Monitor Lithium-Ion Battery Back-Ups. The Flo Water Monitor Battery Backup device was an optional add-on accessory that could be purchased separately to extend certain features of Moen’s Flo Smart Water Monitor and Shutoff in the event of a power disruption. Only the battery back-up is being recalled.

The dark gray rectangular battery has the FLO logo printed on the lower right-hand side. A sticker showing the status of the light on battery is printed on the lower left-hand side as well as model number 920-001.

The company has asked customers to immediately unplug and stop using their recalled battery back-up and contact Moen for instructions to disable their battery back-up before disposing of the unit.

There have been three reports of backup batteries that have overheated and caught fire. No injuries have been reported, but minor property damage has been reported.

The recalled products were sold at Lowe’s, The Home Depot and other stores nationwide and online including at Amazon.com from August 2019 through November 2022 for about $250 for the battery.

Dechra Pharma Confirms Takeover Talks With EQT

Responding to recent press speculation, Dechra Pharmaceuticals Plc. (DPH.L) comfirmed Thursday that it is in talks over a possible 4,070 pence per share in cash bid from EQT, a Swedish private equity firm, in a deal backed by the Abu Dhabi Investment Authority.

There can be no certainty that any firm offer will be made for Dechra.

As per the U.K. Rule, EQT is required, by not later than on 11 May 2023, being 28 days after today’s date, either to announce a firm intention to make an offer for Dechra or to announce that it does not intend to make an offer.

Covestro Reports Preliminary Net Loss In Q1

Covestro AG (CVVTF.PK,COVTY.PK), a German maker of high-tech polymer materials, reported that its first quarter preliminary net loss amounts to around 30 million euros. The consensus expects loss of 77 million euros in the quarter.

Preliminary EBITDA amounts to 286 million euros compared to the previous guidance between 100 million euros and 150 million euros. The consensus expects this to be 158 million euros.

Sales amount to 3.74 billion euros, while the consensus expects this to be 3.94 billion euros.

The company plans to publish its first quarter 2023 results on April 28, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Dr. Rico Perez Super Kids Colostrum Chewable Tablets Recalled

Miami, Florida -based Rico Perez Products, Inc. is recalling 60-count bottles of Dr. Rico Perez Super Kids Colostrum chewable tablets citing the potential to contain undeclared milk allergen, the U.S. Food and Drug Administration said.

The affected product comes in a 60-count, white plastic bottle, UPC 8 79840 00044 6. The lot numbers and expiration dates included in the recall are Lot # 1117002 Exp. 04/30/2023; Lot # 0122003 Exp. 07/31/2024; and Lot # 0223539 Exp. 11/30/2025.

The recalled chewable tablet was distributed at Dr. Rico Perez Vitamin & Supplement stores locations in California, Florida, New Jersey, and New York and online through the company website .

The recall was initiated after it was discovered that the milk-containing product was distributed in packaging that did not indicate the presence of milk.

People who have an allergy or severe sensitivity to milk may get serious or life-threatening allergic reaction if they consume this product.

However, the company has not received any reports of illnesses or deaths in connection with the recalled product to date.

Customers with a milk allergy or sensitivity who have purchased the affected product are urged not to consume the product and dispose of it or return it to their place of purchase for a full refund.

For More Such Health News, visit rttnews.com

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