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According to US financial media Semafor, the US artificial intelligence safety bill may be submitted as early as next week.On September 10th, according to futures market reports, crude oil prices generally trended upward this week, with the weekly average price rising compared to the previous week. According to JLC Network Technologys calculations, as of the ninth working day on September 10th, the average price of benchmark crude oil was $92.87 per barrel, with a change rate of 5.89%, indicating that domestic gasoline and diesel retail prices should increase by 330 yuan per ton. Based on the "ten working days" principle, the adjustment window for this round of prices is at 24:00 on September 11th. Affected by the escalating tensions between the US and Iran, the expected increase in retail prices may reach around 400 yuan per ton. In summary, if the conflict further escalates, a continued surge in international oil prices next week cannot be ruled out, leading to an increase in domestic refined oil retail prices, providing positive support for the oil market.A spokesperson for the European Commission stated that the EUs cybersecurity agency, ENISA, has been granted access to OpenAIs latest model, GPT-6-ASTRA.On September 10th, a spokesperson for the Pakistani Ministry of Foreign Affairs stated at a press conference that some Pakistani armed forces personnel are currently in Saudi Arabia for training and related logistical work. This is the first official confirmation of this information from Pakistan. The spokesperson stated that Pakistan and Saudi Arabia have a long-standing bilateral relationship and defense cooperation. According to the Mecca Mutual Defence Agreement, both sides and relevant countries will further advance relevant defense cooperation arrangements. The spokesperson noted that the Mecca Mutual Defence Agreement is a framework agreement, and specific procedures, mechanisms, and cooperation structures still need to be developed within its framework.The UK 2-year yield rose 2 basis points to 4.72%, the highest level since November 2023.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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