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Ukrainian President Zelensky: Ukraine needs a sufficient number of fully functional and effective defense systems.On September 14th, CNBC reported that Microsoft (MSFT.O) released interim guidelines to constrain its artificial intelligence models, days after the heads of Anthropic and OpenAI agreed to slow development. The company, a leading cloud service provider, wants to be seen as a responsible AI player. “We’ve received some feedback that people want to see a clearer commitment: AI should always serve humanity, not try to replace it,” Mustafa Suleyman, who is in charge of the company’s model development, told CNBC. “We’ve received a lot of feedback emphasizing that AI should not create dependency, should not flatter, but should always promote human judgment, autonomy, and agency.” Suleyman stated that although these guidelines had been in development for about five months, Microsoft chose to release them now given the recent discussions they have sparked.Ukrainian President Zelensky: A report has been submitted on countering the Russian Shahd drones, as well as progress on our work with manufacturers to develop a new generation of drone interceptors to defend against these jet-powered drones.On September 14th, Business Insider reported that Oracle (ORCL.N) has initiated a new round of layoffs, with sources indicating that the layoffs are expected to begin on Monday. The report last month stated that Oracle had developed a new round of layoff plans aimed at cutting salary costs as the company accumulates billions of dollars in debt to fund the construction of artificial intelligence infrastructure. According to internal documents, some teams will see double-digit layoffs. According to recent company filings, Oracle reduced its workforce by 21,000 employees, a 13% decrease, in the fiscal year ending May 31, 2026. Oracle stated that it had approximately 141,000 employees before this round of layoffs began. Oracle has accumulated tens of billions of dollars in debt to build data centers, betting on the growth in demand for artificial intelligence. Oracle reported that its first-quarter capital expenditures reached $28.5 billion, up from $8.5 billion in the same period last year, and maintained its fiscal 2027 capital expenditure forecast between $90 billion and $95 billion.Verizon (VZ.N): Expands its 6G Innovation Forum with nine new members. AWS, Cisco, Intel, Nvidia, and other companies have joined the forum.

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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