While dismissing most claims, U.S. District Judge Yvonne Gonzalez Rogers ruled late Tuesday that shareholders can sue over Chief Executive Tim Cook’s comments touting strong iPhone demand on a Nov. 1, 2018 analyst call, only a few days before Apple told its largest manufacturers to curb production. “Absent some natural disaster or other intervening reason, it is simply implausible that Cook would not have known that iPhone demand in China was falling mere days before cutting production lines,” Rogers wrote.

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(Bloomberg) — Oil turned lower after U.S. government data showed fuel demand isn’t recovering as quickly as first believed.American gasoline supplies rose to the highest level in more than a month and distillate inventories jumped by the most since January 2019, according to the Energy Information Administation. Those increased offset a larger-than-expected decline in crude stockpiles, dragging West Texas Intermediate crude futures down by 1%.Production curbs by OPEC and its allies have helped the market move toward balance, after the massive demand destruction at the height of the virus pandemic in April. But the recovery remains tenuous, with U.S. producers signaling they’re already prepared to re-open wells and oil consumption still soft in most of the world. OPEC+’s commitment to its output-cut deal has also been thrown into question as concerns over cheating prompts Saudi Arabia to propose delaying the alliance’s June meeting.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output. Now that crude has rallied on the back of those cuts from below $20 a barrel to $40 or more, the group known as OPEC+ faces a fresh challenge: stopping U.S. shale production delivering another surprise by recovering equally quickly. “The plan is to stick to prices of $40-$50 per barrel because as soon as they rise any further to say $70 per barrel it encourages too much oil production, including U.S. shale,” said a Russian source familiar with OPEC+ talks on the issue.

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