1) Oil prices fall as much as 8% in fear of lower demand from China
Oil prices dropped more than 8% yesterday in fear of lower demand after China implemented a new lockdown measure on Shanghai due to rising Covid-19 cases.
The international benchmark Brent crude fell 6.77% to close at $112.48 per barrel, while West Texas Intermediate plunged 8.25% to close at $104.50 per barrel.
2) Apple to cut production of new SE by 20% on lower demand
Apple will cut production of its new budget iPhone SE by 20% from 5 million units to 3 million units as the company is expecting lower demand for the model, according to the report from Nikki Asia.
Apple priced its new SE model at $429, and it is expected to launch in less than three weeks.
3) UAE says Russia will always be a part of OPEC+
The energy and infrastructure minister of the United Arab Emirates (UAE) has affirmed that RUssia will always be a part of OPEC+ despite all the sanctions from governments across the globe on Kremlin oil exports over its invasion in Ukraine.
He said that no other country could match the output of Russia’s energy and argued politics should not distract from the group’s efforts to manage energy markets.
4) Tesla plans to split its stocks
Tesla is planning for another stock split, its second time in two years, in a form of a dividend, which would pay shareholders additional shares.
The company did not give details about how many shares investors would receive.
