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August 22 – According to the Iranian news agency IRNA, Iranian Armed Forces spokesman Akraminia stated: “The geopolitical awakening of the Iranian people is one of the achievements of the recent war, which has made the world more clearly see the sinister nature of the enemy, and the signs of American decline have become more apparent. The United States no longer has international prestige. Iran’s military strategy has shifted from defensive to offensive; any act of aggression will be met with an immediate response, and the scale of the response may well exceed the scale of the aggression itself. We have also seen Saudi Arabia, Turkey, and Pakistan establish a defensive security mechanism independent of the United States. Regardless of how effective this security mechanism may be in the future, as it stands, it demonstrates the decline of the United States’ position in the region and is the first defensive security mechanism in the region without US participation.”August 22 – The 35th International Joint Conference on Artificial Intelligence (ICAI) and the European Conference on Artificial Intelligence (ECAI) concluded on August 21 in Bremen, Germany. Several international experts attending the conference stated that Chinas artificial intelligence has made rapid progress in various fields of research and industrial application in recent years, with areas such as robotics and large language models reaching global leadership. Judging from the paper submissions and research topics at this conference, Chinese research teams have shown significant participation in many sub-fields of artificial intelligence. Professor Calvanese of the Free University of Bolzano, Italy, who was responsible for the conferences academic agenda and paper review, noted that China received the most submissions at this conference, with extensive participation in areas such as machine learning, computer vision, and robotics.On August 22nd, Xiongan New Area held its 2026 100-Day, 10-Million-Job Recruitment Campaign and a special job fair for relocation services. The event focused on core needs such as the relocation and development of businesses and the employment of their accompanying family members, precisely establishing a service platform to address the housing concerns of relocated personnel and promote talent attraction and high-quality development in the New Area. This event extended employment services to neighborhood centers, creating a "doorstep" job-seeking platform. Focusing on key industries and relocation support services in the New Area, it organized over 30 employers, including Sinochem Digital Technology, China Datang Digital Technology, and China Xiongan Group, to recruit talent offline, offering over 600 job openings to meet diverse employment needs. On-site activities included skills demonstrations, job search guidance, and introductions to supporting living services in the New Area.Ontario Premier: Fully supports Carneys tariff retaliation plan.Ontario Premier: Everything must be put on the negotiating table in the trade war.

As The Dollar Rises, Oil Falls Despite Russian Supply Cuts

Skylar Williams

Feb 27, 2023 14:11

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Oil prices dipped in volatile trade on Monday, as a stronger dollar and concerns of recession risks offset gains from Russia's plans to deepen oil supply cuts.


At 04:11 GMT, West Texas Intermediate U.S. crude futures (WTI) were trading 23 cents or 0.3% lower at $76.09 per barrel, while Brent crude futures were down 30 cents or 0.36% at $82.86 per barrel.


Friday's closing prices for both indices were up by more than 90 cents.


Monday, the dollar hovered near a seven-week high after a slew of strong U.S. economic data bolstered the view that the Federal Reserve will need to raise interest rates further and for an extended period of time.


A strong dollar increases the cost of U.S. dollar-priced goods for foreign currency holders.


Vandana Hari, founder of oil market analysis firm Vanda (NASDAQ:VNDA) Insights, stated, "Crude continues to receive direction from the broader financial markets' sentiment."


Fears of a hawkish Federal Reserve returned to the forefront on Friday after the personal consumption expenditures (PCE) price index increased by 0.6% in January, following a 0.2% increase in December.


"Crude will undoubtedly face renewed pressure if risk aversion continues to grow," Hari predicted.


Last week, U.S. crude oil inventories reached their highest level since May 2021, according to data from the Energy Information Administration (EIA). This development added to the downward pressure on crude oil prices.


"The EIA data continue to generate more questions rather than provide clarity on markets," analysts at the consulting firm Energy Aspects wrote in a note, referring to the steep supply adjustment in the data that contributed to the increase.


On the supply side, Russia intends to reduce oil exports from its western ports by as much as 25% in March compared to February, exceeding its previously announced 5% production cut for the month.


Since February 24, 2022, when Russian military entered Ukraine for the first time, oil prices have decreased by approximately six percent annually.


Russia ceased oil deliveries to Poland via the Druzhba pipeline, the CEO of Polish refiner PKN Orlen said on Saturday, a day after Poland delivered its first Leopard tanks to Ukraine.


Two weeks after the invasion, oil prices soared to a record high of nearly $128 per barrel due to supply worries, but have since retreated due to fears of a global economic decline.


Separately, investors are awaiting this week's China manufacturing surveys to determine the direction of crude demand. This weekend marks the beginning of China's annual parliamentary session, during which new economic policy goals and guidelines will be introduced.


Ning Zhang, senior China economist at UBS Investment Bank, said in a note: "We anticipate the government to reiterate the importance of growth support and call for more policy support."


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