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On September 9th, sources familiar with the matter revealed that Project Braid, the AI cloud project undertaken by Googles parent company Alphabet (GOOG.O) in partnership with Blackstone Group (BX.N), has encountered delays in data center construction. The $5 billion project, invested in by Blackstone, plans to lease computing resources powered by Googles AI chips to customers by 2027. Sources indicated that Google had previously planned to have AI data center developer Crusoe build the data center in Cheyenne, Wyoming, but subsequently cancelled the arrangement and took over the project, reapplying for the necessary permits. Sources stated that Google lost confidence in Crusoes ability to deliver the project on schedule. Crusoe previously gained attention for its involvement in OpenAI and Oracles flagship "Stargate" data center project in Texas. Furthermore, another data center site selection has been affected by a lack of necessary transformers. Currently, AI data center construction faces bottlenecks such as insufficient power supply and approval delays. Project Braids head stated that the project is still progressing and plans to provide 500 megawatts of computing capacity next year.September 9th - It was learned from the United States on September 8th local time that the US military struck targets near Irans Kharg Island and the port city of Jask. An anonymous senior US official stated that the targets included Iranian oil tankers. On the evening of the 8th local time, Iranian sources reported that an Iranian oil tanker was attacked by US missiles about four miles from Kharg Island. Local sources stated that there were no casualties and the tankers crew was being evacuated. Relevant departments are investigating the specific circumstances of the incident.U.S. officials say that in response to Iran’s repeated missile attacks on U.S. Navy warships, the U.S. military has struck several Iranian oil tankers linked to the Iranian Revolutionary Guard.Heathrow Airport, UK: Air traffic control services have begun to resume.On September 9th, EU High Representative for Foreign Affairs and Security Policy Kalas posted on social media that all EU member states agree that Israeli settlements in the West Bank violate international law. The Israeli governments settlement expansion in the West Bank is undermining the prospects of the two-state solution. Kalas reiterated the EUs firm commitment to supporting a comprehensive, just, and lasting peace based on the two-state solution. On the same day, 12 countries, including the UK, France, and Canada, issued a joint statement making commitments to restrict trade with Israeli settlements.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.

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