EUR/USD 1.16753
0.020%
Gold 4627.10
-0.676%
Oil 79.759
-1.142%
USD/JPY 158.942
-0.163%
GBP/USD 1.36350
-0.088%
GBP/JPY 216.722
-0.246%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
International Criminal Court President Akane: It is expected that the Japanese government will provide support to limit the negative impact of US sanctions.International Criminal Court President Akane: I have no reason to be sanctioned.According to Interfax news agency: The Russian Foreign Ministry summoned the Romanian chargé daffaires in Russia.On August 26th, it was reported that the rapid increase in demand for AI computing power has led to a significant rise in memory chip prices, with upstream price increases being passed on to downstream end-users. Recently, Amazon raised prices on several hardware products. Among them, the entry-level model of the Echo series smart speaker, the best-selling model, saw the largest increase, rising from $49.99 to $79.99 (approximately RMB 538), an increase of about 60%. The 16GB basic version of the e-reader rose from $109.99 to $149.99 (approximately RMB 1000), an increase of about 36%. Before Amazons price increase, tech companies such as Apple, Microsoft, and Dell had already addressed cost pressures by raising product prices and reducing standard memory in hardware. Market research firm IDC previously warned that the global memory shortage may continue until 2027, and industry forecasts indicate that memory chip prices may peak in 2028 and then gradually decline and stabilize.On August 26th, according to foreign media reports, sources familiar with the matter revealed that Dark Side of the Moon is in talks with Microsoft, Amazon, and Google regarding revenue-sharing agreements, aiming to allow these US cloud computing giants to host its Kimi K3 model. If an agreement is reached, it could become the first significant revenue-sharing agreement between a Chinese AI company and a major US cloud computing firm. Sources indicated that Dark Side of the Moon is seeking up to 30% of the revenue generated from K3-related services on Microsoft Azure, Amazon Web Services (AWS), and Google Cloud, a term largely consistent with the startups offers to large customers using its open-weighted model. Sources also revealed that Dark Side of the Moon has already signed similar agreements with some smaller cloud platforms. Alibaba is also seeking revenue-sharing agreements with major users of its new open-source AI model.

Oil Prices Jump $2 Due to Rising Demand in 2023

Haiden Holmes

Dec 15, 2022 11:18

76.png


OPEC and the International Energy Agency (IEA) foresee a rebound in demand next year, and U.S. interest rate hikes are expected to moderate further in sync with decelerating inflation.


Brent crude futures closed at $82.70 a barrel, up $2.02, or 2.4%, while U.S. West Texas Intermediate (WTI) crude futures settled at $79.40, up $1.94.


Both contracts increased due to a jump in diesel futures in anticipation of cold weather at the end of the year.


The Brent contract has reverted to a backward market structure in which front-month loading barrels sell at a premium to later deliveries, signaling that oversupply concerns are decreasing.


Last week, the structure reverted to contango, with front-month deliveries becoming less expensive than later-loading months.


A leak and outage of TC Energy (NYSE:TRP) Corp's Keystone Pipeline, which transports Canadian petroleum to the U.S., have boosted oil prices.


According to officials, cleanup will take several weeks.


Last week, U.S. crude oil stockpiles increased by more than 10 million barrels, the highest since March 2021, due to releases from the Strategic Petroleum Reserve and a fall in refinery operations. 


OPEC projects that oil consumption will climb by 2.25 million barrels per day (bpd) to 101.80 million bpd in 2023, with significant upside from China, the world's largest importer.


The IEA raised its 2023 oil demand growth projection to 1.7 million bpd, for a total of 101,6 million bpd, in anticipation of a recovery in Chinese oil consumption in 2024, after a decline of 400,000 bpd in 2022.


According to the figures, road and aviation traffic in China have rebounded.


"The climate remains conducive for triple-digit prices... Recent volatility gives an excellent entry point. Next quarter, balances may be looser, but by 2Q, a new price rally will be upon us "Oswald Clint, a Bernstein analyst, noted.


The Federal Reserve lifted its benchmark overnight interest rate by 50 basis points on Wednesday, a drop from the 75-basis-point increases it adopted at its previous four policy meetings.

Suggestion