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Artificial Intelligence: 1. Zhou Hongyi announced the launch of 360 Security Lobster. 2. Local governments in many places have introduced convenient measures for "lobster farming". 3. WeChat employees refuted rumors that OpenClaw could automatically send red envelopes. 4. The first batch of "lobster farmers" started paying people to "uninstall" the software. 5. Oracle announced optimistic long-term revenue forecasts, and its stock rose nearly 8% after hours. 6. It is reported that Nvidia will make a "significant" investment in the US artificial intelligence startup Thinking Machines and provide AI chips. Integrated Circuits (Chips): 1. Huawei will release new data storage products on March 20. 2. SK Hynix has taken the lead in developing sixth-generation 10-nanometer DRAM. 3. It is reported that Tesla has delayed multi-project wafer testing of its AI6 chip at Samsung Electronics 2nm node. Other: 1. NIOs Q4 profit was 283 million yuan, with a full-year loss of 14.943 billion yuan. 2. Google, Tesla, and other companies are promoting the use of idle grid capacity to reduce electricity prices. 3. SpaceX prefers a Nasdaq listing, provided it is included in the Nasdaq 100 index as soon as possible. 4. Amazon plans to issue $25 billion to $30 billion in dollar bonds and €10 billion in euro bonds. On March 11th, Wedbush analysts stated that Oracles (ORCL.N) third-quarter earnings and outlook are likely to provide investors with a "breath of relief." Analysts pointed out that Oracles outlook for 2026 and 2027 indicates that the company has begun monetizing its artificial intelligence business. Investors who closely follow Oracles releases for insights into the state of the software and technology industry will see this report as strong support for the continued growth of artificial intelligence. Oracle also stated that it has raised $30 billion of its projected $50 billion investment funding. Analysts say this will alleviate investor concerns about Oracles ability to finance data center deals.U.S. First Refining: The new facility will have an annual processing capacity of approximately 60 million barrels of light shale oil.UBS Group: The Reserve Bank of Australia is expected to raise interest rates by 25 basis points in March.U.S. First Refining Corp.: Under a new energy agreement, it will purchase and process 1.2 billion barrels of U.S. light shale oil, worth $125 billion.

WTI recovers to $87.50 on Iran, OPEC+ buzz

Daniel Rogers

Sep 02, 2022 14:38

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WTI crude oil prices consolidate weekly losses near a two-week low in Friday's Asian session. The energy benchmark hails the expected output drop from major suppliers while ignoring US-Iran oil deal discussions. The market's consolidation before the US jobs data seems to favor the latest commodity bounce.

 

Reuters reports that OPEC+ will meet on September 5 amid a backdrop of dropping prices and demand, even as top producer Saudi Arabia claims supply remains tight. OPEC+ this week reduced its demand estimate, now projecting demand to lag supply by 400,000 bpd in 2022 and 300,000 bpd in 2023.

 

On a second page, Reuters sources Iranian official news as claiming Iran has given a 'constructive' response to US suggestions aimed at restoring the 2015 nuclear deal.

 

Covid-led lockdown in China's Chengdu joins gloomy Manufacturing PMIs and hawkish Fedbets to squeeze WTI crude oil prices.

 

US 10-year Treasury rates decrease one point from late June's highs to 3.25 percent, while two-year bond coupons fall from a 15-year high. The CME's FedWatch Tool predicts a 74% chance of a rate hike in September, up from 69%.

 

Looking ahead, oil traders will watch the US Nonfarm Payrolls (NFP) and Unemployment Rate for August for fresh impulse.

 

Although $85.30-50 horizontal support limits the black gold's immediate fall, recovery is elusive until reaching the 50-DMA and 200-DMA, around $95.15-30.