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Hang Seng Index futures closed up 0.45% at 26,021 points in overnight trading, a premium of 162 points.On July 31, Meta Platforms (META.O) announced that it has committed nearly $700 billion in future investments in areas such as artificial intelligence data centers and cloud computing through long-term and short-term agreements. In a regulatory filing on Thursday, Meta stated that its irrevocable contractual commitments total $349.3 billion, primarily involving third-party cloud service agreements, servers, and network infrastructure. Meta indicated that this is a conservative estimate. The company also has $347 billion in unfulfilled lease commitments not yet reflected on its balance sheet. $68 billion of these were added in July alone, with payments commencing in 2027 and 2028. These costs are outside of existing leases and primarily include data centers, colocation services, and "certain network infrastructure."Meta Platforms (META.O) reported that it has committed nearly $700 billion in the future to areas such as artificial intelligence data centers and cloud computing through long-term and short-term agreements.According to a Canadian community alert, the Suncor Sarnia refinery in Canada has reported maintenance activities scheduled for the next few days, resulting in the temporary use of the flare system.Qatars Ministry of Foreign Affairs: Qatar condemns Irans renewed attacks on Jordanian and Kuwaiti territories, an act that violates the sovereignty of both countries.

Oil Prices Fall As the EU Seeks to Impose Russia Import Ban

Aria Thomas

May 17, 2022 09:48

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Oil prices opened down in early Asian trade on Tuesday as Hungary resisted European Union plans to implement a ban on Russian oil imports, a move that would constrain the global supply.


At 0004 GMT, Brent crude futures decreased 35 cents, or 0.3%, to $113.89 per barrel, while U.S. West Texas Intermediate (WTI) crude futures decreased 52 cents, or 0.5%, to $113.68 per barrel.


As a result of Russia's invasion of Ukraine, EU foreign ministers were unable to convince Hungary to rescind its veto of a proposed oil embargo against the country on Monday. An embargo requires consent from all EU member states.


On the demand side, China's data revealed that the world's second-largest economy processed 11 percent less crude oil in April than a year earlier due to tight COVID-19 lockdowns, with daily throughput falling to its lowest level since March 2020 as refiners reduced operations in response to weaker demand.


The United States is scaling up production in order to refill stocks that have dwindled as a result of Russia's war on Ukraine, which Moscow refers to as a "special military operation," and the recovery from the coronavirus outbreak.


In June, oil production in the Permian in Texas and New Mexico, the largest U.S. shale oil region, is expected to increase by 88,000 barrels per day (bpd) to a record-breaking 5.219 million bpd, according to a study released by the U.S. Energy Information Administration (EIA) on Monday.


Monday's statistics from the U.S. Department of Energy revealed that the Strategic Petroleum Reserve now contains 538 million barrels, the lowest level since 1987.

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