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According to Fox Business, White House Council of Economic Advisers Chairman Feren stated that the CPI report weakened the case for raising interest rates.Iranian Foreign Ministry spokesman Bagaei: As the country with the longest coastline in the Persian Gulf and the Gulf of Oman, Iran demands that all parties benefiting from shipping through the Strait of Hormuz take responsibility and repair the environmental damage in the relevant waters.Iranian Foreign Ministry spokesman Bagaei: Oil pollution has recently occurred off the coast of Qeshm Island. Preliminary investigations indicate that the source of the pollution may be a foreign bulk carrier, and several coastal areas and parts of the sea have been affected.August 13th - According to sources, the Truth API data service launched by Trumps media company is facing resistance from some trading firms. While some firms have already signed up to use the service, some, including Hudson Rivers and Citadel Securities, have stated they are unwilling to pay for it, arguing it is not a necessary condition for trading operations. The sources requested anonymity due to the non-public nature of the information. Analysts point out that existing insider trading regulations do not explicitly cover the president using his media platforms to release information that could affect the market, or selling access to such information to the market more quickly. Karen Woody, a professor at Washington and Lee University School of Law, stated that past regulatory systems did not presuppose that a sitting president might engage in such practices. Securities and Exchange Commission (SEC) Chairman Paul Atkins previously stated in an interview that the SEC is monitoring the Truth API data flow.On August 13th, AI chipmaker Cerebras reported second-quarter revenue of $210 million, a 103% year-over-year increase. Cloud revenue reached $126 million, nearly quadrupling year-over-year, but hardware sales declined 23% to $54.1 million. The company recorded a net loss of $450.5 million for the quarter, compared to a net profit of $309.5 million in the same period last year. The company raised its full-year guidance, now expecting core revenue to be between $880 million and $890 million, up from the previous range of $855 million to $865 million. This report has created a mixed bag for investors, as Cerebras stock price has risen 42% since its May IPO. Initially positioned as a challenger to Nvidia in the AI chip field, the companys largest revenue source is now cloud computing. Cerebras stated that its core gross margin will expand to 38% to 40% this quarter in response to investor concerns. Following the earnings release, Cerebras stock price fell more than 17% in after-hours trading.

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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