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Canadian Trade Minister LeBlanc: We will extend the temporary suspension of the federal fuel tax until January 31, 2027.U.S. Central Command: As of September 2, it has forced 86 merchant ships to change course, rendered 3 ships inoperable, and boarded and inspected 2 ships to ensure they comply with relevant requirements.U.S. Energy Secretary Wright: The United States will impose very strict controls on the flow of funds under the NABEP agreement with Venezuela.On September 3, U.S. Treasury Secretary Matt Bessen stated that the Ukrainian drone attacks on Russian energy facilities are one of the reasons for rising global energy prices. When asked about the high cost of living in the U.S., he first mentioned the attacks before addressing the war with Iran. Bessen said on Fox News Wednesday, "We are currently experiencing an energy shock stemming from both the conflict in Ukraine—because Ukraine decided to bomb Russian energy assets and refined petroleum products, which is putting upward pressure on global prices—and the conflict with Iran." These attacks by Ukraine forced Moscow to extend its diesel export ban until the end of the month. This development, coupled with the relatively smaller volume of fuel shipments passing through the Strait of Hormuz compared to crude oil, has led to a tightening of global supply. Bessen had previously stated that oil pipelines would eventually help energy suppliers bypass the Strait of Hormuz, and that the strait would become irrelevant in the coming years as suppliers develop other energy routes.On September 3rd, Meta released the Muse Spark 1.3 model update, claiming significant performance improvements in coding and intelligent agent tasks. Alexandr Wang, head of Meta AI, stated that the new model is "competitive with state-of-the-art models" and will pave the way for future personal AI agent products, helping users create AI assistants that can work on their behalf around the clock. The price of Muse Spark 1.3 remains consistent with the previous version, a pricing strategy Wang described as "aggressive." Meta also stated that its "contributor tier" option has been well-received by developers. This program significantly reduces the cost of coding products by allowing Meta to use developers work to improve the model, and a "meaning double-digit percentage" of developers have already chosen this option. Wang stated that as model capabilities improve, security has become a crucial issue within Meta, and the company is increasing its investment in security and alignment. Muse Spark 1.3 will be available on Muse Code and the Meta API on the same day, with the highest inference version to be released after additional security testing.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.