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According to AXIOS: Ukrainian President Zelensky said on Monday that the United States is exploring whether Ukraine and Russia can take steps to de-escalate the war during the winter, while restarting negotiations to reach a broader peace agreement.September 8th - Downing Street announced that the British Prime Minister spoke by phone with US President Donald Trump this afternoon local time. The two discussed the economy, Ukraine, and the Middle East. The Prime Minister congratulated Trump on the latest US jobs data and noted positive signs of growth in the British economy. He stated that the government is working to improve public perception of the UK, and while progress has been made, more work remains to be done. On Ukraine, both leaders agreed to continue pushing for a ceasefire to avoid further casualties; the Prime Minister reiterated his support for Ukraine and the recent US-led peace negotiations. On the Middle East, the Prime Minister stated that the UK is committed to promoting regional peace and security and emphasized the importance of implementing the two-state solution, reopening the Strait of Hormuz, and ensuring that Iran can never acquire nuclear weapons.On September 8th, OpenAI Chief Scientist Jakub Pachocki warned that artificial intelligence is developing too rapidly and is becoming increasingly difficult for humans to understand and control, stating that "extreme caution is now necessary." He pointed out that AI models can already operate computers, collaborate with humans and other AI to conduct research, and may soon achieve "recursive self-improvement" without human intervention. Pachocki expressed concern that no one is prepared for the potential consequences of the continued rapid increase in machine intelligence. Developers can make AI more aligned with human interests and can also slow down future development when necessary. He anticipates and hopes that "voluntary slowdowns" in AI lab development will become the norm until common safety standards are established in the industry. Currently, OpenAI has adopted a limited release approach due to the advanced cybersecurity capabilities of GPT-6 Astra.A spokesperson for the British Prime Ministers office said: "The British Prime Minister spoke by phone with US President Trump. They discussed the economy, the situation in Ukraine, and the Middle East."According to Israeli media, 14 terrorists have been killed in the Gaza Strip in the past week, including five Nukhba company commanders and five other platoon leaders from the same unit.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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