Key Takeaways
- Oil prices saw a significant decline, with Brent crude settling at $68.59 per barrel and U.S. crude at $66.21 per barrel, while North Dakota's May oil production dropped by 5.2% month-over-month.
- Hershey (HSY) announced double-digit price increases on its candy products, citing the escalating costs of cocoa.
- President Trump and Amazon (AMZN) CEO Jeff Bezos held a private meeting in the Oval Office, as SpaceX cautioned investors about the potential return of Elon Musk to U.S. politics.
- The U.S. State Department dispatched Special Envoy Witkoff to the Middle East, coinciding with Syria's Defense Minister vowing accountability for recent "shocking violations" in Sweida.
Energy Markets See Decline, Production Dips
Energy markets experienced a downturn today, with both major crude benchmarks closing lower. Brent crude futures settled at $68.59 per barrel, marking a $0.62 (0.9%) decline. Similarly, U.S. crude oil futures closed at $66.21 per barrel, down $0.99 (1.47%).
Adding to the bearish sentiment in the oil sector, North Dakota's May oil production decreased significantly. Output was reported at 1.113 million barrels per day (mbpd), a 5.2% month-over-month drop and a 7.2% year-over-year decrease.
Corporate Developments: Hershey Hikes Prices, Amazon CEO Meets Trump, SpaceX News
Confectionery giant Hershey (HSY) announced plans to implement double-digit price increases on its candy offerings. This move is aimed at offsetting the rising costs of cocoa, which have been impacting the company's expenses.
In a notable political-business interaction, U.S. President Trump and Amazon (AMZN) CEO Jeff Bezos met in the Oval Office last week. The meeting lasted for over an hour, according to CNBC sources.
Meanwhile, aerospace company SpaceX faced operational and strategic news. The company canceled a planned Florida launch of NASA satellites due to concerns from the FAA regarding airspace, which created a "no-go" condition. Separately, SpaceX has reportedly alerted investors to the potential return of its CEO, Elon Musk, to U.S. politics.
Geopolitical Updates: Middle East Diplomacy, Syria Incidents
The U.S. State Department confirmed that Special Envoy Witkoff is currently traveling to the Middle East, indicating ongoing diplomatic efforts in the region.
In Syria, the Defense Ministry acknowledged reports of "shocking violations" committed by individuals in military attire within the city of Sweida. Syria's Defense Minister has since vowed "zero tolerance" for those responsible for these incidents, stating that perpetrators will be held accountable, even if they belong to the Defense Ministry.
Agricultural Sector: US Milk Production
In agricultural news, U.S. milk production in June totaled 19.233 billion pounds. This figure was released by the USDA.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.