Oil Needs Investors and Billionaire Stock Sales 7/11/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 11 July 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Oil supply cuts by top exporters Saudi Arabia and Russia for August helped to lift benchmark prices, which were also supported by the U.S. dollar hitting a two-month low. Jeff Currie, Goldman Sachs global head of commodities research, discusses the state of the global energy market, why investors aren’t embracing the latest oil rally, and more. America's billionaires are cashing out and CNBC’s Robert Frank has an inside look at the executives unloading stock amid the recent market rally. Plus, the market braces for inflation data and the Hollywood writers strike continues. In this episode: Joe Kernen, @JoeSquawk Melissa Lee, @MelissaLeeCNBC Robert Frank, @robtfrank Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pot.
0:09.0	Oil prices rising after Saudi Arabia announced supply cuts for August.
0:14.0	Jeff Curry of Goldman Sachs says the entire commodity complex is lacking investment.
0:19.0	We need a lot of money, you know, it's close to 20 trillion whether it's the green and the brown, but we're not seeing it.
0:26.5	A growing list of billionaires and CEOs are unloading stock at an increasing rate after little activity this year,
0:33.2	CNN BC's wealth reporter Robert Frank.
0:35.6	They've sold over $9 billion worth of stock so far this year.
0:39.2	Plus the markets brace for inflation data, the year of the Fed, and the threat of two strikes
0:46.0	on one industry.
0:47.0	I just know I'm no scab, okay?
0:50.1	It's Tuesday, July 11th, 2023.
0:53.3	Squawk Pod begins right now.
0:57.5	Good morning and welcome to Squawkbox here on
0:59.1	C.
0:59.7	We're live at the Nasak Market site in Times Square.
1:01.7	I'm Melissa Lee, alongside Joe Kernan.
1:03.7	Becky and Andrew are off today.
1:05.3	Let's take a check on the podcast.
1:09.8	It's July.
1:10.8	It's the somewhat quiet week after July 4th, and the markets are in wait and see mode.
1:16.5	After a roaring first half of 2023, the S&P 500 has cooled in early July, shedding more than a percent last week.
	...

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