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On August 22, local time, US President Trump stated at Joint Base Andrews, Maryland, on August 21 that he believed Iran was not yet ready to reach a "suitable agreement," and that Washington was observing "developments" in the conflict. "We have complete control over the entire region around the Strait of Hormuz, including its interior and land areas. So they really want a deal, but in my opinion, theyre not ready to reach a suitable deal," Trump added. When asked if the US had limited military options against Iran, Trump stated, "That just means were watching how things develop." Trump claimed that a shift towards "economic warfare" against Iran did not mean that US military options were limited.August 22nd - According to CNBC, Anthropic is expected to list negative public sentiment regarding artificial intelligence and data centers as a risk factor in its IPO prospectus, to be released in the coming weeks. Sources familiar with the matter revealed that Anthropic recently held pre-IPO "market scouting" meetings with bankers and investors, who focused on competitive pressures, the impact of its open-source model on profit margins, and the potential risks posed by a slowdown in data center construction. Anthropic, currently valued at nearly $1 trillion in the private market, is preparing for a major IPO. However, with rising public concerns in the US about AI replacing jobs and data center expansion, this backlash is becoming a new challenge for the companys listing. The company has previously achieved an annualized revenue run rate exceeding $65 billion.August 22 – According to sources cited by the Canadian Broadcasting Corporation (CBC), despite the final stages of US-Canada trade negotiations, US Commerce Secretary Rutnick is dissatisfied with the current draft agreement and is pushing for revisions. Sources say Rutnick opposes reducing Canadian auto tariffs from 25% to 15%, arguing that this could undermine the USs goal of boosting domestic manufacturing. His stance differs from the optimistic signals previously released by Trump and Canadian Prime Minister Carney. Currently, both sides are striving to reach a final agreement before the new tariffs take effect. The draft agreement reportedly includes reducing tariffs on Canadian steel and aluminum, adjusting dairy quotas, and Canada removing some restrictions on US alcoholic beverages. Canadian Trade Minister LeBlanc stated that the two sides are "very close" to reaching an agreement.Market news: Anthropic listed the public backlash against the AI industry as a risk factor in its IPO filing.Sources say U.S. Commerce Secretary Lutnick believes the U.S. can still negotiate a more favorable deal and opposes lowering Section 232 tariffs.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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