Global Markets React to Oil Supply Surge, Crypto Expansion, and Tech Earnings

Oil Market - Oil prices have declined for five consecutive sessions, with Brent crude falling 0.63% to $66.15 per barrel and WTI down 0.58% to $61.92 per barrel, resulting in a total loss of approximately 4% over the past five sessions [2][3] - The primary driver of this decline is a preliminary agreement between Iraq's federal government and the Kurdish regional government to restart crude exports via Turkey, allowing for the flow of approximately 230,000 barrels per day, which had been suspended since March 2023 [3] Cryptocurrency Market - South Korean cryptocurrency exchange Bithumb has partnered with World Liberty Financial (WLFI), a DeFi project linked to the Trump family, to enhance DeFi expansion and bolster global investor confidence [4][5] - WLFI's governance token and stablecoin, USD1, have been listed on major Korean exchanges, although the WLFI token experienced volatility, plunging about 20% shortly after its listing [5] Raspberry Pi Holdings - Raspberry Pi Holdings plc reported a 61% increase in revenue to $144.0 million for the six months ended June 30, 2024, indicating a recovery from previous supply constraints [6][7] - Adjusted EBITDA rose by 55% to $20.9 million, with gross profit increasing by 47% to $34.2 million, while adjusted EPS grew by 27% to 5.84 cents [6][7] Phillips 66 - UBS has adjusted its price target for Phillips 66 from $173 to $150 while maintaining a "Buy" rating, following the company's acquisition of the remaining 50% stake in WRB Refining LP for $1.4 billion [9][10] - This acquisition is expected to enhance Phillips 66's refining capacity by approximately 250,000 barrels per day, with analysts anticipating higher profits from the newly acquired assets in 2026 compared to 2025 [10] UK Payment Regulation - The UK Financial Conduct Authority (FCA) has responded positively to a government plan aimed at streamlining payment systems regulation, which includes consolidating the responsibilities of the Payment Systems Regulator within the FCA [11][12] - This initiative is designed to reduce regulatory burdens and improve the FCA's ability to safeguard customer funds and intervene in underperforming firms [12]