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Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its highest price since January. Brent crude fell $1.15, or 1.3%, to settle at $86.40 a barrel while WTI settled down $1.58, or 1.9%, at $82.82. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. The U.S. is also prohibiting some investment in China in sensitive technologies like computer chips and requires government notification in other tech sectors. Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Kilduff, John Ritterbusch, Natalie Grover, Muyu Xu, Mark Potter, Elaine Hardcastle, Andy Sullivan Organizations: West Texas, Federal Reserve, Ritterbusch, Associates, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, U.S, New York, Gulf of Mexico, Gulf, Mexico, Galena , Illinois, London, Singapore

☆ Oil steadies as U.S. rate hike fears subside
▼ + stars: | 2023-08-10 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Brent crude was down 23 cents to $87.32 a barrel at 1251 GMT, while West Texas Intermediate crude (WTI) was down 37 cents at $84.03. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. On Thursday, OPEC said in its monthly report it expected a healthy oil market for the rest of the year, and stuck by its forecast for robust oil demand in 2024, as the outlook for world economic growth slightly improves. "The poor state of China’s manufacturing, its property sector and some stubborn world inflation stand out as issues that the oil fraternity chooses to ignore at present." Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Evans, Natalie Grover, Muyu Xu, Laura Sanicola, David Goodman, Mark Potter Organizations: West Texas, Federal Reserve, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, London, Singapore, Washington

☆ Oil dips as demand concerns mount; eyes on US inflation data
▼ + stars: | 2023-08-10 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

U.S. crude inventories (USOILC=ECI) rose by 5.9 million barrels in the last week to 445.6 million barrels, compared with analysts' expectations in a Reuters poll for a 0.6 million-barrel rise, U.S. Energy Information Administration data showed on Wednesday. U.S. crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day (bpd), according to the data. Concerns over LNG supply drove European gas prices to a nearly 2-month high on Wednesday and buoyed the demand outlook for diesel as alternative fuel. However, oil prices remained supported by supply tightness worries as tensions between Russia and Ukraine in the Black Sea region could threaten shipment of Russian oil. Top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Phil Flynn, Priyanka Sachdeva, Phillip Nova, Jun Rong, Muyu Xu, Laura Sanicola, Muralikumar Organizations: West Texas, U.S . Energy, Price Futures, Index, CPI, Woodside Energy Group, IG, Saudi, Thomson Locations: North, China, U.S, ., United States, Chevron, Russia, Ukraine, Saudi Arabia, Singapore, Washington

Brent crude fell 20 cents, or 0.2%, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session. West Texas Intermediate crude (WTI) fell 23 cents, or 0.3%, to $84.17, after settling at its highest since November 2022. Chinese data on Tuesday showed crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January. China's consumer sector also fell into deflation and factory-gate prices extended declines in July, as the world's second-largest economy struggled to revive demand. Also supporting prices were top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Laura Sanicola, Muralikumar Organizations: West Texas, Saudi, Investors, U.S, Consumer, Index, Thomson Locations: North, Saudi, Russian, Russia, Washington

A stronger dollar makes crude more expensive for investors holding other currencies. PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023 versus the first half, in tandem with supply cuts to reduce global oil inventories. The latest figures from the U.S.- the world's biggest fuel consumer - showed fuel demand rose the highest level since August 2019. A Reuters poll also estimated U.S. crude oil and gasoline stockpiles were expected to have declined last week. In a conference on Monday, BP (BP.L) chief Bernard Looney presaged oil demand growth continuing into next year and OPEC+ being increasingly disciplined.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Dennis Kissler, Tamas Varga, group's, Bernard Looney, Arathy somasekhar, Natalie Grover, Emily Chow, Christian Schmollinger, Sonali Paul, David Evans, Nick Macfie, Jan Harvey Organizations: Reuters Connect, HOUSTON, Brent, . West Texas, BOK, Reuters, Thomson Locations: North, ., U.S, OPEC, Saudi Arabia, Houston, London, Singapore

☆ What the chaos at Twitter means for the future of social movements
▼ + stars: | 2023-06-11 | by ( Harmeet Kaur | ) edition.cnn.com time to read: +11 min

CNN —When thousands of Egyptians marched through the streets during the Arab Spring of 2011, they had a tool at their disposal that earlier social movements didn’t: Twitter. Peter Macdiarmid/Getty Images“You can’t underestimate the impact of Twitter to social movements,” Amara Enyia, manager of policy and research for the Movement for Black Lives, told CNN. “There are now issues in how people see Twitter as a source of information and a source of political community,” said Kuo, whose research focuses on race, social movements and digital technologies. “It isn’t seen in the same way anymore.”Elon Musk's controversial policy changes at Twitter could have implications for social movements, some activists say. Twitter has been an incredibly powerful tool for social movements, Enyia said.

Persons: Michael Brown, George Floyd, Harvey Weinstein, Peter Macdiarmid, ” Amara Enyia, Elon Musk, wouldn’t, Rachel Kuo, ”, Kuo, ” Elon, Carina Johansen, NTB, Musk, Sarah Aoun, Aoun, Donald Trump, Marjorie Taylor Greene, ” Aoun, Linda Yaccarino, Rich Wallace, Wallace, Chandan Khanna, we’ve, ” Kuo, Enyia, it’s, Jack Dorsey, Richard Drew, –, ” Enyia, don’t Organizations: CNN, Twitter, Occupy, Hollywood, Movement, Elon, University of Illinois, Getty, Intelligence, Protesters, Center, Defamation League, GOP, Equity, AP Locations: New York, Ferguson , Missouri, Cairo, Egypt, Urbana, Champaign, AFP, cybersecurity, Tahrir, Chicago

☆ Elon Musk dreams of Twitter's AI power
▼ + stars: | 2023-04-13 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

Elon Musk's personal AI ambitions. Elon Musk was one of the more prominent names on an open letter calling for a pause in AI development. My teammate Asia Martin points out that Musk's position on AI is contradicted by Twitter's investment in generative AI. Twitter's recent purchase of hardware normally used to develop generative AI products shows the extent of this ambition. Read more on Elon Musk's AI ambitions.

☆ Welcome to Elon Musk's Fan Club
▼ + stars: | 2022-12-20 | by ( Jordan Parker Erb | Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

We didn't think refreshing Elon Musk's Twitter feed was how we'd spend it. Today, we're taking you inside the latest club in Silicon Valley: Elon Musk's fan club. Welcome to the Elon Musk fan club. Cue Musk's Twitter takeover: slashing headcount, revoking benefits, and cranking up productivity. Elon Musk is being forced to choose a company.

☆ Wall Street finally has the leverage it's been wanting over Big Tech
▼ + stars: | 2022-11-18 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +6 min

Take one giant step back, and there's one group benefitting from all the tech carnage: Wall Street investors, who finally have leverage over Big Tech after years of having to swallow spending to excess. Wall Street is ready to slice and dice. The balance of power has shifted: With tech companies struggling on the public markets, Wall Street has more leverage than it's held in a long time. Read more about how Wall Street is taking the driver's seat in tech here. Their mutual interest is complicated by fights over licensing and costs, Insider reports here.

☆ Binance's bid for FTX marks one of the wildest days in crypto history
▼ + stars: | 2022-11-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Sam Bankman-Fried, founder of crypto exchange FTX. In a stunning reversal of fortune for an industry built on reversals of fortune, Bankman-Fried, more commonly known as SBF, announced that FTX, the crypto exchange he founded, would be acquired by rival exchange Binance. From a deals perspective, a few things worth noting:There wasn't a banker in sight for what could arguably be one of the most important transactions in the history of the crypto industry. for what could arguably be one of the most important transactions in the history of the crypto industry. Here's everything to know about the lead up to one of the wildest deals in crypto history.

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