Morning Brief: Oil slides

Top Story Chris Hondros/Getty Images The price of oil has dropped by more than $10 in the past two days, most likely due to three main factors: growing signs of a global economic slowdown, news that commercial oil inventories are rising unexpectedly, and a release of tensions between the United States and Iran. Wall Street ...

593953_080717_oil2.jpg
593953_080717_oil2.jpg

Top Story

Chris Hondros/Getty Images

The price of oil has dropped by more than $10 in the past two days, most likely due to three main factors: growing signs of a global economic slowdown, news that commercial oil inventories are rising unexpectedly, and a release of tensions between the United States and Iran. Wall Street responded with a 2.5 percent rise, though analysts caution that any dip in oil prices could be temporary and gas prices remain high.

Top Story

Chris Hondros/Getty Images

The price of oil has dropped by more than $10 in the past two days, most likely due to three main factors: growing signs of a global economic slowdown, news that commercial oil inventories are rising unexpectedly, and a release of tensions between the United States and Iran. Wall Street responded with a 2.5 percent rise, though analysts caution that any dip in oil prices could be temporary and gas prices remain high.

Decision ’08

Major network TV stars are tagging along on Barack Obama’s foreign trip.

The Obama campaign raised $52 million in June (John McCain raised $22).

The New York Times encounters mixed feelings about Obama in Iraq.

Global Economy

Sovereign wealth funds are shifting away from U.S. dollars.

The high cost of credit has made it tougher for short sellers to profit from market declines.

Americas

The Bush administration announced Wednesday that it will open up nearly 4 million acres of land in Alaska for drilling.

The trial of Salim Hamdan, Osama bin Laden’s former driver, is proving contentious.

Argentinia’s senate rejected a hotly debated export tax on farm products.

Asia

China’s economic growth slowed to 10.1 percent in the second quarter.

Beijing is starting to ration electricity.

Angry Pakistani investors attacked the Karachi Stock Exchange after the KSE reached an 18-month low. More here.

Middle East and Africa

The United States plans to open an interests section in Tehran, the Guardian reports. Glenn Kessler has more.

Convicted murderer Samir Kuntar received a hero’s welcome in Lebanon Wednesday after Israel released him in a prisoner swap with Hezbollah.

Saudi Arabia is preparing for the post-oil economy.

Europe

Spain’s top court cleared four people previously convicted for the Madrid train bombings in 2004.

Windmills are making a comeback in the Netherlands.

Today’s Agenda

China’s vice president visits North Korea.

The Library of Alexandria, Egypt, hosts Wikipedia administrators and users for Wikimania 2008.

The International Monetary Fund releases its latest World Economic Outlook.

Al Gore is announcing a big climate-change goal today.

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