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On September 19th, CNN reported on September 18th that sources said the US military narrowly avoided an incident after using an AI-generated false intelligence report. The report stated that this spring, during the war with Iran, an intelligence report circulating among US military personnel raised concerns. The report claimed that a Chinese ship was transporting components for a nuclear weapons program in the Middle East. Four sources familiar with the incident said the US military quickly initiated a plan to intercept the ship. Two of the sources indicated that US military personnel were preparing to board. One source and another informed source stated that US military aircraft had been scrambled. However, just as the planned operation was about to begin, US officials thoroughly examined the report, compiled by analysts from the US Special Operations Command, and discovered that it was generated using AI. The chatbot used by the analyst had incorrectly identified the cargo.Commander of U.S. Central Command: We are forming a new coalition attack drone force.Commander of U.S. Central Command: The U.S. is working with partners to increase shipping volume through the Strait of Hormuz.Commander of U.S. Central Command: The main passageways of the Strait of Hormuz have not been affected by mines.On September 19th, MS NOW stated that its reporters were denied entry to the White House premises earlier that day. MS NOW stated, "The White House belongs to the American people, and decisions made within the White House are supported by our taxpayer money." The media outlet indicated that MS NOW plans to take all necessary measures to uphold its First Amendment rights and the vital role of independent journalism in a democratic system. This comes after US President Trump announced an immediate ban on CNN, MS NOW, and Politico from entering the White House, citing their long-standing practice of publishing "fake news."

WTI rises to around $80.00 following a minor drop as supply concerns intensify

Daniel Rogers

Dec 28, 2022 10:57

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have resumed their ascent after correcting to about $79.50 in the late New York session. After Russian President Vladimir Putin chose to impose a price ceiling on oil exports to the G7 and the European Union, supply concerns have increased. The oil price has sought to recover as a result.

 

Black gold is also in the spotlight despite the US Dollar Index's dismal performance (DXY). In the absence of prospective triggers, the USD index is trading flat below 104.00 despite the extreme volatility of U.S. stocks.

 

Previously, the G7 and the European Union capped the price of Russian oil at $60 per barrel in order to prevent Moscow from funding weaponry and ammunition for the war against Ukraine. In retaliation, Vladimir Putin passed a directive prohibiting the sale of Russian oil to nations that enforced the oil price ceiling. It will last from 1 February to 1 July.

 

In addition to supply concerns, China's actions to restore the economy after a protracted shutdown have injected new life into the oil bulls. Despite an increase in Covid-19 instances, the Chinese government has eliminated quarantine regulations for incoming tourists, which will reduce supply chain interruptions. Supporting the oil price is a crucial step towards reopening the economy and regaining the road of progress.

 

The modification of the Gross Domestic Product (GDP) projection is attributable to a new effort to eliminate restrictions on Covid-related measures in China. According to a statement made by China's National Bureau of Statistics (NBS), the agency has changed the country's GDP growth forecast for 2021 from 8.1% to 8.4%.


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