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On October 18th, US Secretary of State Marco Rubio stated during a media interview on October 17th that the US militarys Starlink system is not yet open to Ukraine, and related usage arrangements are still under discussion. Regarding Ukrainian claims of restricted satellite communications, Rubio denied that the US government ordered a reduction in Starlink network speeds, stating that services have been restored. Furthermore, concerning the recent violence in the West Bank, Rubio expressed deep concern and stated that the US has urged Israel to take strong measures against the violence. He also noted that President Trump has repeatedly made it clear that he does not want friction or a crisis in the West Bank.October 18th - According to The Daily Telegraph, Microsoft (MSFT.O) has withdrawn from its data center partnership with UK-based cloud service provider Nscale in Laughton, Essex, UK. This move comes at a crucial time for Nscales IPO preparations, adding further uncertainty to the startups listing plans. The report states that Microsoft did not specify the exact reasons for the termination, but the project has faced a series of delays. The local government has informed Nscale that power to the facility is not expected until the 2030s. Furthermore, Nscales flagship project in Norway is also about six months behind schedule, with only 6.4 megawatts of the planned 30-megawatt data center currently operational. According to Nscales IPO filings, approximately 85% of the companys contracts rely on Microsoft and Anthropic. Microsoft had originally planned to be the major tenant of Nscales first UK data center in Essex. Microsofts withdrawal will be a blow to Nscale, which is seeking to raise up to $3 billion through an IPO, potentially as early as this month.On October 18, local time, the Houthi rebels in Yemen released footage showing the downing of a Saudi AH-6i helicopter in the early hours of the day. The helicopter crashed in Najran province, bordering Yemen. Turki al-Maliki, a spokesman for the Saudi-led coalition, stated on social media on the 18th that an AH-6i helicopter crashed in the Najran region of Saudi Arabia due to a technical malfunction, resulting in the deaths of both crew members.On October 18th, Bank of America reported on October 16th that inflationary pressures in India are spreading from food to other sectors, with wholesale price increases expected to transmit to the consumer market within 3 to 6 months. The subsequent impact remains to be seen. The bank continues to project that the Reserve Bank of India will raise interest rates by a cumulative 75 basis points in this cycle. In September, Indias wholesale prices rose 11.4% year-on-year, higher than Augusts 9.9%, reaching a 49-month high, with widespread increases across multiple sub-categories. Consumer price inflation rose from 4.8% to 5.5%, a 23-month high, primarily driven by widespread increases in food prices. Core inflation, excluding precious metals, also rose from 2.9% to 3.3%, indicating that the pressure is gradually spreading beyond food.Japanese polls show that Prime Minister Sanae Takaichis cabinets approval rating has dropped to 49.1%.

Oil prices fluctuated as the possibility of an OPEC output cut alleviated demand worries

Skylar Williams

Aug 29, 2022 11:32

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Oil prices were mixed on Monday as investors weighed the likelihood that the Organization of Petroleum Exporting Countries (OPEC) will reduce output to support prices against the Federal Reserve chairman's statement that the United States will experience a period of sluggish economic growth "for some time."


U.S. West Texas Intermediate (WTI) oil futures rose 2 cents to $93.08 per barrel at 00:03 GMT, extending Friday's gain.


Brent crude futures dropped 27 cents, or 0.3%, to $100.72 a barrel, erasing the prior session's gains.


Powell noted in a speech on Friday that limiting inflation "is likely to require a sustained period of below-trend growth" and would "bring some pain to consumers and companies," which rocked equity markets and strengthened the currency.


In Monday's early trading, the dollar index rose 0.3% to 109.16. A rising dollar is detrimental to the oil market because it raises the price of petroleum for buyers holding foreign currencies.


However, oil prices have been bolstered by statements from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and their allies, known collectively as OPEC+, that they may decrease supply in order to achieve market balance.


Friday, a source familiar with the matter told Reuters that the United Arab Emirates and Saudi Arabia share the same output policy philosophy, while the Omani oil ministry declared that it supports OPEC+ efforts to maintain market stability.


Sources said last week that OPEC would consider decreasing output to offset any increase from Iran should oil sanctions be reinstated if Tehran chose to revive a nuclear accord.


As U.S.-Iran nuclear discussions continue, traders' focus will return to supply and demand, according to CMC Markets analyst Tina Teng.


In a report, experts from ANZ Research claimed that signs of growing demand are also supporting prices, in part due to higher natural gas costs in Europe, which have spurred power generators and industrial users to switch to diesel and fuel oil.

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