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On February 8, according to Arstechnica, a well-known American technology media, Boeing (BA.N), as the main contractor of the US Space Launch System rocket (SLS), is preparing for the possible cancellation of the project. Boeing plans to cut about 400 positions in its Space Launch System team by April 2025.On February 8, Roblox (RBLX.N) was under investigation by the U.S. Securities and Exchange Commission. In a response letter on Friday, the commission said that it could not share information related to the relationship between its staff and Roblox, saying that it might affect the ongoing law enforcement process. The commission said that it had confirmed with law enforcement staff that there were email exchanges between law enforcement officers and Roblox, and that these emails were part of the ongoing investigation.On February 8, an internal memo showed that Facebook owner Meta Platforms (META.O) plans to carry out expected layoffs across the company next week while accelerating the recruitment of machine learning engineers. The memo shows that layoff notices in most countries (including the United States) will be issued starting at 5 a.m. local time on Monday. Employees in Germany, France, Italy and the Netherlands will not be affected by layoffs "due to local regulations", while employees in more than a dozen other countries in Europe, Asia and Africa will receive notices between February 11 and February 18.On February 8, Ukrainian President Zelensky recently proposed that Ukraine should "return" its nuclear weapons. In response, Kellogg, the special envoy appointed by US President Trump on the Russia-Ukraine conflict, said that it is "impossible" for Ukraine to regain its nuclear weapons.The Dow Jones Industrial Average closed at 444.23 points, or 0.99%, at 44,303.40 on Friday, February 7. The S&P 500 closed at 6,025.99 on Friday, February 7, down 57.58 points, or 0.95%. The Nasdaq Composite closed at 19,523.40 on Friday, February 7, down 268.59 points, or 1.36%.

Another Unexpected Increase in U.S. Crude Inventories Decreased Oil Prices by 1%

Charlie Brooks

Jan 19, 2023 11:04

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Oil prices fell on Thursday as industry data revealed a large, unexpected increase in U.S. oil stocks for a second week, raising concerns about a decrease in fuel consumption.


U.S. West Texas Intermediate (WTI) oil futures fell 86 cents, or 1.1%, to $78.62 per barrel at 01:09 GMT, while Brent crude futures fell 73 cents, or 0.9%, to $84.25 per barrel, extending losses of over 1% from Wednesday.


The market fell due to fears of an impending U.S. economic crisis after Federal Reserve members declared that rates needed to rise over 5% to control inflation, despite statistics showing that December retail sales were less than anticipated.


Analysts from ANZ Research noted in a client note, "This elevated the possibility of a recession, resulting in a decreased appetite for risk."


According to data from the American Petroleum Institute, U.S. crude oil inventories climbed by approximately 7.6 million barrels in the week ending January 13.


According to nine analysts polled by Reuters, oil inventories declined by an average of 600,000 barrels.


This is the second week in a row that major inventory increases have occurred.


In contrast to forecasts of a 120,000-barrel increase, inventories of distillates, which include diesel and heating oil, declined by almost 1.8 million barrels.


Monday's Martin Luther King Day holiday in the United States resulted in a one-day delay for the API report. Thursday will see the release of the weekly inventory data from the Energy Information Administration.


With aggressive rate hikes still a possibility, the U.S. dollar surged, further reducing oil demand because a stronger greenback makes the commodity more expensive for foreign currency holders.