A pump jack on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, Russia, in 2015. The Group of Seven’s price cap of $60 for Russian seaborne oil and a ban on Russian crude kicked in on Monday.
Sergei Karpukhin | Reuters
Oil prices climbed as much as 2% on Monday after China signaled a broader relaxation of Covid curbs, OPEC+ announced its decision not to change oil production targets, and a price cap on Russian oil took effect.
Both futures have since pared gains, with Brent crude last trading at $86.12 a barrel, and U.S. West Texas Intermediate futures at $80.53 per barrel.
The Group of Seven’s price cap of $60 for Russian seaborne oil and a ban on Russian crude kicked in on Monday. However, economists at National Bank of Australia say it’s “unclear what impact this will have on Russian exports and how Russia will respond.”
The Kremlin had previously threatened that it will not supply oil to countries setting and endorsing the price cap.
“It is the right decision [for OPEC] to hold steady, especially if you don’t know how much, if at all, Russian production is going to fall after today,” said Amrita Sen, head of research at energy consultancy Energy Aspects.
Another analyst is of the view that the price caps are “irrelevant” and that oil prices were mainly moving on other factors, such as the prospect of China’s reopening.
“There won’t be any impact unless Moscow goes ahead with its threat and says ‘we’re not going to export at X amount or whatever reason but so far we don’t think that’s going to happen,” Citi’s global head of commodities research, Edward Morse, told CNBC.
Oil prices were also buoyed by optimism on China’s reopening, based on reports signaling that the world’s largest importer is easing its Covid curbs.
“The markets’ been moving because of optimism about China opening, and concerns about the U.S. dollar because the Fed might be reducing the pace at which it’s raising rates.”
In early Asia hours, Brent crude futures rose as much as 2.37% to $87.60 a barrel, while U.S. West Texas Intermediate futures traded up over 2.27% at $81.84 a barrel.
“Brent crude prices were drifting higher this morning with greater clarity presented from the meeting but longer-term, prices seem fairly stuck within the US$80-US$100 range,” said IG market strategist Jun Rong Yeap.
The Genesis Electrified G80 will no longer be sold in the US. Genesis has already pulled the luxury EV sedan from its website.
Genesis pulls the Electrified G80 EV from its US lineup
The Electrified G80 went on sale in the US in the first half of 2023, but has struggled to gain any momentum. Last year, Genesis introduced an updated model with longer range, more interior space, and added luxury, claiming it’s now at the flagship level.
Those in the US may never get to see it. Genesis has already removed the Electrified G80 from its website, with only the GV60 and Electrified GV70 now listed.
The luxury car maker confirmed to Car and Driver on Wednesday that the electric G80 sedan is no longer being offered in North America.
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Genesis explained that “the customer is at the core of every decision we make, and we remain flexible as we adapt to ever-changing consumer needs and market conditions.”
Genesis Electrified G80 updated model (Source: Hyundai)
The 2024 Electrified G80 was the final model year, and the 2025 version was never sold in the US. Powered by an 87 kWh battery, the Electrified G80 was rated with an EPA-estimated range of 282 miles. Although the updated model boasted a larger battery (94.5 kWh) with increased range (up to 295 miles) in Korea, it still falls short of rivals like the Lucid Air or Tesla Model S.
Genesis sold just 397 models in 2024 and another 77 in the first half of 2025. In comparison, Lucid sold over 5,000 Air sedans in H1, while Tesla has sold 2,715 Model S sedans in the US.
The interior of the new Genesis Electrified G80 update (Source: Hyundai)
Although Korean automakers, including Hyundai, Kia, and Genesis, dodged the maximum 25% tariff, they will still face a 15% duty on imported vehicles. As its slowest-selling EV, it’s no surprise to see Genesis dropping it from its lineup.
With the $7,500 federal tax credit expiring at the end of September, Genesis is pushing big discounts on its remaining EV models.
Genesis is offering an $18,000 EV Lease Bonus on the 2025 Electrified GV70 and $13,750 bonus for the 2025 GV60. Leases currently start as low as $389 per month.
Looking to test one out for yourself? You can use our links below to view 2025 Genesis GV60 and Electrified GV70 models in your area.
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While larger solar generator setups can help through many situations, more and more people are finding convenience in owning smaller backup power solutions, especially here in NYC, with many folks having limited space to keep them. That’s where units like Bluetti’s Elite 30 V2 Portable Power Station come in, which offers a 288Wh LiFePO4 capacity to cover personal device charging with 600W of steady output that can ramp as high as 1,500W.
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Bluetti’s Elite 30 V2 power station has nine different port options to cover all the bases: two AC outlets, two USB-C ports, two USB-A ports, two DC ports, and a car port. It even beats out many counterparts/competitors of the same size range with five ways to recharge its battery: via a standard outlet, utilizing up to a max 200W solar input, using both an outlet and solar panels together, connecting a generator, or using your car’s auxiliary port.
Segway’s Ninebot F3 smart eKickScooter with Apple Find My + proximity locking gets first post-tariff cut to $750
Segway is offering a special promotional discount through August 17 on its new Ninebot F3 Electric KickScooter at $749.99 shipped, after using the code F3AUG100OFF at checkout, which beats out Amazon’s pricing by $50.This model launched back in April carrying a $850 original price tag (which Amazon still keeps it listed for) and has since hiked up to a $1,000 MSRP direct from the brand after May’s tariff hikes. The two pre-tariff discounts we saw took the costs down to $700 and $600 back in April, and while it may not be falling that low any anytime soon again, you’re still looking at a solid $100 savings from its starting rate for the third-lowest price we have tracked.
NIU drops the KQi 300X all-terrain e-scooter with a 37-mile range and regen brakes to $750 in latest sale
NIU has launched its Fan-tastic Day Sale through August 17 that is taking up to 42% off its KQi e-scooter lineup. Some of the brand’s models are still out of stock from last month, but among those still available, we spotted the KQi 300X All-Terrain Suspension Electric Scooter at $749.99 shipped, while also matching in price at Amazon. While it carries a $1,299 MSRP normally, at Amazon we’ve been seeing it mostly staying between $1,049 and $1,198, with discounts having been slowly ramping up over the course of the year. You’re looking at the best price of 2025, which saves you $549 off the MSRP and has only been beaten out by the $731 low we last saw pop up in October 2024.
Add commercial-grade power to your arsenal with Greenworks’ 82V 20-inch cordless chainsaw at a new $430 low
Amazon is now offering the Greenworks Commercial 82V 20-inch Cordless Chainsaw for $429.99 shipped. While it carries a $600 MSRP tag directly from the brand, where it’s currently priced at, we’ve seen it keep lower to $500 at Amazon. It’s been on the market for six months now, with the discounts we’ve spotted only taken the costs down to $450 until today. Now, with the 20% markdown here, you’ll save $70 while equipping your arsenal with commercial-grade power.
Keep uniform lines around yard and gardens with Worx’s 12A 7.5-inch edger/trencher at $90 (Today only)
As part of its Deals of the Day, Best Buy is offering the Worx 12A 7.5-inch Edger/Trencher for $89.99 shipped, with this model being out of stock on Amazon and sitting at a higher $140 MSRP directly from Worx’s website. It normally fetches $130 at full price here, with discounts mostly keeping the costs between $110 and $100 during 2025, though we have seen it go as low as $75 during Prime Day. You’re looking at the fourth-lowest overall price that we have tracked and the third-lowest of the year, with the deal today saving you $40 off the going rate for the rest of the day only.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
Ford’s secret “skunkworks” team in California is no longer a secret and has grown significantly over the past year. Filled with former Tesla, Rivian, and Apple engineers, Ford has given the team a new, two-building EV design center to develop its upcoming lower-cost, midsize models.
Ford opens its new EV Design Center in Long Beach
The new campus in Long Beach, California, officially opened its doors on Tuesday. Ford told reporters that the new 250,000-square-foot site will become the company’s main design and innovation hub in Southern California.
Although the facility was built 95 years ago to expand production of Ford’s first vehicle, the Model A, it was later converted for military use during World War II.
Now, it will be used to shape the future of Ford. Ann Diep, a senior technical program manager at Ford, said the company will “develop a new generation of electric vehicles people are going to love” at the facility.
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After nearly a decade of launching products for Apple, Diep is now tasked with developing Ford’s new lineup of electric vehicles.
The team is led by Alan Clarke, who worked at Tesla for over a decade. Clark’s team comprises former employees from Tesla, Rivian, Lucid, and Apple, creating an EV platform that will power Ford’s upcoming lineup of smaller, more affordable models.
Ford opens new EV design center in Long Beach, California (Source: Ford)
Benchmarking EV leaders to cut costs
Last year, Ford’s CEO, Jim Farley, said the team was benchmarking costs “against the best competitors in the world,” in particular, Chinese brands.
According to Farley, the first EV based on the platform will be a midsize electric pickup that will “match the cost structure of Chinese OEMs building in Mexico.” It’s scheduled to launch in 2027. Ford will use LFP batteries to reduce costs, which will be manufactured at its new battery plant in Michigan, but licensed from China’s CATL.
2025 Ford F-150 Lightning (Source: Ford)
We learned the platform will support eight different body styles, including trucks, crossovers, SUVs, and possibly sedans.
During a “candid dinner discussion” with lead Bernstein analyst Daniel Roeska in June, Lisa Drake, Ford’s vice president of tech platform programs and EV systems, offered a few insights.
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)
Roeska told investors (via Axios) that “Lisa Drake was explicit: Ford intends to match the cost structure of leading Chinese players.” The memo added “that means not just battery pricing, but full system cost from chassis and thermal systems to inverters and electronics.”
Ford will reveal more about its “plans to design and build a breakthrough electric vehicle and platform in the US,” on August 11.
Farley is hyping it up as the company’s next “Model T moment,” adding that it’s “a chance to bring in a new family of vehicles” that will shape the future of Ford.
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