Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning, today is Thursday, July 6th, and I'm your host Julie Morgan.

OPEC Plus says it will do whatever it takes to support the oil market.

Finia ends Wednesday's trading up more than 22% right out of the gate,

and Threads makes its debut hours earlier than expected.

Here's what's making headlines today.

Saudi Arabia's Energy Minister says OPEC and its allies will do whatever necessary to support the oil market,

hinting at the potential for further production cuts.

Prince Abdullahiziz bin Salman said, new joint oil output cuts announced this week by

Russia and Saudi Arabia have proven skeptics wrong he says it shows that they

are unified Saudi Arabia said it would extend a July production

cut of 1 million barrels a day through August, while Russia said it would cut exports

by 500,000 barrels a day. But analysts at Morgan Stanley cut their oil price forecast,

saying that while anticipating a decrease in inventories in 2023,

they forecast a surplus in the first half of 2024 with non-OPEC supply growing faster than demand.

Phinea began trading on Wednesday on the New York Stock Exchange as an independent company after being

spun off from Borg Warner on July 3rd. The new company's brands include Delphi, Delco Remy, and Hartridge.

Finia ended the trading day up more than 22%.

Now an update to our top story from Wednesday here on Wall Street breakfast.

Instagram has launched Threads, its short posting text app.

After signaling a launch expected for today

with pre-order links set up only for the iOS Threads app,

...