Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021.
Kyle Grillot | Bloomberg | Getty Images
Oil prices slid on Monday, building on last week’s steep losses, as rising Covid cases prompted fears of a slowdown in demand.
West Texas Intermediate crude futures declined more than 4% to trade at $65.50 per barrel. The contract traded as low as $65.15 earlier in the session. International benchmark Brent crude declined 3.8% to $68.01 per barrel.
“The biggest challenge for oil markets remains the uncertainty around COVID as the ‘delta variant’ has made for the highest daily case counts since early 2021,” noted analysts at Bank of America.
Last week both contracts dipped more than 7% for their worst week since October. The slide came amid demand worries as well as a surprise build in U.S. crude inventory. The U.S. Energy Information Administration said Wednesday that crude stocks rose by 3.6 million barrels in the prior week, while analysts surveyed by FactSet were expecting a 2.9 million barrel draw. Gasoline stocks did, however, decline by a larger-than-expected 5.3 million barrels.
Data out of China also weighed on crude on Monday. The country’s export growth unexpectedly slowed in July, while imports rose 28.1% compared to a year earlier. This was below forecasts that called for a 33% increase.
China, which is the world’s second largest oil consumer, imported 9.7 million barrels per day in July, which was the fourth straight month below 10 million barrels per day, according to analysts Commerzbank.
“The price slide is continuing [Monday] amid growing concerns about demand again,” the firm wrote in a note to clients. “Market participants are watching the rising coronavirus figures in Asia with considerable alarm, as this could prompt the Chinese government to take drastic measures in line with its strict zero Covid strategy.”
A possible slowdown in demand as portions of the world reinstate lockdown measures follows OPEC and its allies further boosting production this month. In April 2020 the group implemented record production cuts of nearly 10 million barrels per day as the pandemic sapped demand for petroleum products.
Oil has slowly recovered and WTI is still up 40% for 2020. In July the contract traded as high as $76.98, a price not seen since 2014.
“The oil market is likely to remain rangebound here as the physical market is poised to remain in a deficit through the end of the year,” said Tom Essaye, editor of the Sevens Report.
– CNBC’s Michael Bloom contributed reporting.
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The current EV era is ripe with revered classic car designs and iconic nameplates that are being reborn as battery-powered rides – and the success of cars the Renault 5 proves it can be a winning formula. Today, I’m suggesting another 1980s classic that deserves a modern electric update: the Buick Grand National.
As for the “Grand National” part, the timeslip will solve that.
Why it would work
Cadillac CELESTIQ; via GM.
Thanks to the nearly $300,000 Cadillac CELESTIQ ultra-luxury car, we’ve already seen GM put a low-slung sedan body on its EV skateboard. That car uses a pair of electric motors, one on each axle, for a 655 hp all-wheel driving experience capable of launching the big sedan from 0-60 mph in just 3.7 seconds.
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Putting those same motors under a shorter, lighter two-door sedan body would put my proposed all-electric Buick Electra at just under 6,000 lbs., and make the new car more than quick enough to earn the Grand National badge with a 3.5-second dash to 60 on its way to an 11.25 (ish) second quarter mile at about 120 mph. As for cost? You could almost name your price, but keeping it just under the Chevy Corvette’s $74,780 base price would make it a winner.
Limit production to 1987 units, make them order-only so dealers can’t ruin the party with obscene markups, and Buick can watch the money roll in … possibly.
You guys are smart, so I’m sure you’ll be able to find all the problems with this particular take – and I can’t wait to hear them! Should it be RWD only? A plug-in hybrid? Scroll on down to the comments and let me know what you think it would take to make a battery-powered Buick GNX revival make sense.
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If you’ve been dreaming about hitting the open road on two wheels with serious power, comfort, and style, the Cikada Touring e-Bike might just be your perfect ride. Designed for modern explorers who want adventure without compromise, this premium e-bike blends high-end performance with thoughtful design.
Smooth power that takes you everywhere
At the heart of the Cikada Touring e-Bike is a BaFang M410 350W motor that packs a punch with 80Nm of torque and provides assisted speed of up to 20 mph.
Mounted at the bike’s center, the motor’s placement creates ideal weight distribution, boosting traction and handling on everything from steep climbs to winding trails. Its compact design integrates seamlessly into the frame, keeping the center of gravity low for a more stable, confident ride that feels naturally in sync with your movements.
You’ll climb hills like a pro and accelerate with ease. It’s efficient, reliable, and perfect for riders who want consistent power for touring, commuting, or weekend adventures. Plus, it’s got walk assistance for when you’re not riding.
Go the distance
Worried about running out of juice? Don’t be. The 720Wh LG 21700 removable battery delivers a range of up to 75 miles (121 km) on a single charge. That’s plenty of power for long scenic routes, daily commutes, or even multi-day rides when you want to explore more and charge less. And when it’s time to juice up again, it only takes six to eight hours to reach full charge.
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Built for comfort and confidence
No matter where the road takes you, the Cikada Touring e-Bike is ready. Its 27.5 x 2.8-inch Kenda anti-puncture tires with reflector strips keep you rolling smoothly and safely, while the suspension fork absorbs bumps across various terrains. Add an ergonomic design and 6061 aluminum frame, and you’ve got a bike that feels stable, balanced, and built to last.
Hydraulic disc brakes give you confident stopping power, and with 8-speed Microshift gearing, you’ll have full control over every incline and descent.
Everything you need, built in
The Cikada Touring e-Bike comes fully equipped for adventure. With integrated rear rack, lights, and mudguards, it’s road-ready right out of the box. No extra accessories needed – just hop on and ride.
Plus, the integrated Bafang system means your motor, sensor, and display all work seamlessly together for a smooth, intuitive riding experience.
Take it to the next level with the Cikada app
Plan, manage, and customize your next adventure with the Cikada app. Available on Android and iOS, it pairs your smartphone to your e-bike via Bluetooth so you can dive into real-time performance data, service tools, and smart ride features that make every journey smoother and more connected. You can track your progress, analyze past rides, fine-tune your ride settings, check your bike’s status, and even share your location or ride stats with the Cikada community, all from one easy-to-use dashboard.
Why riders love it
The Cikada Touring e-Bike is more than just a good-looking ride. It’s a thoughtful blend of power, endurance, and comfort – ideal for riders who want to explore new places, tackle longer distances, or simply enjoy every mile with confidence.
Plus, Cikada offers a 30-day trial period on all its e-Bikes. If you’re not happy, Cikada refunds your purchase, no questions asked.
Ready to tour farther, climb higher, and ride in style? Check out the premium Cikada Touring e-Bike and start your next great adventure.
The new pilot program will see 50 new Chevy Brightdrop vans deployed in a collaboration between Target, Circuit EV Solutions, and a last-mile logistics startup called the Frontdoor Collective that relies on its franchise owners to make its deliveries instead of outsourcing that delivery work to independent contract carriers gig workers.
“We’re building the infrastructure backbone that makes high-volume electric delivery possible nationwide,” said Adam Greenberg, CEO at Circuit EV Solutions. “By ensuring fleets have the charging support they need, we’re removing the final barrier to true EV scalability in last-mile logistics.”
Circuit EV Solutions provides the backbone of the highly-visible Target collaboration, delivering the fleet management and charging software to monitors vehicle health, schedule depot charging, and ensure that every Chevy Brightdrop van leaves the hub with an optimally full battery and a fully optimized delivery route, eliminating range anxiety among the vans’ operators.
For independent delivery service providers, that’s a killer combination that can help translate to higher margins and more time back in their busy days to spend with their families – which is something I think we can all get behind.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.