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On August 22, the Colombian National Disaster Risk Management Agency issued an updated disaster report stating that the strong earthquake that struck the country recently has caused 329 deaths, 4,600 injuries, and 247 missing persons, with 364 people rescued. According to the China Earthquake Networks Center, a magnitude 7.5 earthquake struck northwestern Colombia on the evening of August 10 (morning of August 10 local time), with a focal depth of 80 kilometers. Thirty-two cities across Colombia were severely affected.August 22nd - The APEC Customs and Business Dialogue concluded yesterday (August 21st). Reporters learned at the dialogue that Chinese customs has signed six bilateral agreements with relevant departments of several APEC economies, including Chile and South Korea, covering imported agricultural and food products such as instant noodles containing meat and fresh fruits.On August 22nd, experts stated that the price increase of domestically produced large-scale models is a correction to the long-standing inversion of inference computing power costs. In the short term, this is more like a recalibration of price and value. However, if manufacturers only raise prices without keeping up with stability and other aspects, users will vote with their feet, as the cost of replacing models is decreasing. Going forward, it is necessary to continuously monitor the dual verification of the price increase strategy: firstly, whether manufacturers have matched the price increase with new model capabilities, rather than simply raising the price of old models; secondly, it is necessary to pay attention to where the increased revenue is used, whether it has been used for computing power expansion and service capability building.On August 22, the Russian Ministry of Defense reported that on August 21, Russian forces continued their strikes against ports and vessels serving the interests of the Ukrainian Armed Forces. The report stated that Russian drones struck a military warehouse in the port of Leny; a Ukrainian naval patrol boat in the port of Chernomorsk; and port infrastructure used for storing military supplies in a southern port. Additionally, Russian forces seized control of a settlement in the Donetsk region. Ukrainian President Zelenskyy posted on social media on August 21 that Ukrainian forces launched long-range strikes in the early hours of the day, hitting two important Russian targets: an oil refinery and a military airfield. Ukraine also stated that it had achieved results on the Black Sea front, but did not disclose specific targets or the extent of damage.According to the New York Times, Anthropic may be planning to raise $100 billion in its initial public offering.

Oil prices fall owing to rising U.S. stocks and weaker demand

Skylar Williams

Jul 13, 2022 11:03

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Oil prices dipped in early Asian trade on Wednesday with the release of U.S. inventory data indicating a rise in crude oil and refined products, amid rising fears of a global economic slowdown.


Brent oil futures shed 68 cents, or 0.7 percent , to $98.81 a barrel at 0002 GMT. The price of U.S. West Texas Intermediate crude oil dropped 72 cents, or 0.8 percent, to $95.12 a barrel, which is also the lowest level in three months.


Concerned that aggressive interest rate increases to battle inflation may precipitate a recession, which will severely influence oil consumption, investors have sold their oil holdings. Due to volatile trading, prices dropped by more than 7 percent in the previous session.


China's renewed COVID-19 travel restrictions had an effect on the market. Multiple cities in the world's second-largest economy have enacted further restrictions, ranging from firm closures to wider lockdowns, to prevent the spread of a highly dangerous virus strain.


During the week ending July 8, crude oil stocks climbed by around 4.8 million barrels in the United States. According to market sources citing data issued by the American Petroleum Institute on Tuesday, gasoline supplies grew by 3 million barrels, while distillate stockpiles increased by 3,3 million barrels.


The dollar index, which compares the dollar to a basket of six other currencies, reached its highest level since October 2002 on Tuesday, reaching 108.56.


Since oil is frequently priced in U.S. dollars, a stronger dollar makes the commodity more expensive for foreign currency holders. During times of market volatility, the dollar is often viewed as a safe haven by investors.