U.S. oil jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the United States added to worries of tight global supplies from OPEC+ cuts led by Saudi Arabia.
U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. WTI was at $94.60 a barrel, up 92 cents, or 1%, by 0145 GMT.
Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not seen since November.
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“The oil market is quickly coming to terms with the fact that the OPEC+ cuts announced in the summer are having a deep effect on crude availability,” said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.
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“Stocks are drawing while demand keeps growing. We are still far away from a price level causing demand destruction.”
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.
Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.
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The crude draws follow production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+. The group will be meeting on Oct. 4 to review markets.
“We expect as near-term oil prices continue to push higher a reduction of current supply cuts is increasingly likely,” National Australian Bank’s analysts said in a note.
Grasso said: “I think Saudi can accept much higher prices, but not much lower, and if cutting 10% production gives them 30% price increase it make sense to do.”
President Vladimir Putin ordered his government to ensure retail fuel prices stabilise after a jump caused by an increase in exports.
In response, his deputy prime minister cited proposals to restrict exports of oil products purchased for domestic use, adding to market tightness.
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Improve your daily Wordle game in just a few minutes with our helpful selection of tips and tricks, or get yourself out of a tricky spot with our freshly written clue for the May 22 (702) game. If you need to save your win streak, you’re in the right place because today’s Wordle answer is ready and waiting just below.
I had a really close call today. Lots of cases of the right letters in the wrong places, with most of my follow-up guesses leaving me in pretty much the exact same situation. The good news was by the time I really started to panic, I’d ruled out enough letters and valid spaces for the yellows I had floating around the board for it to all make sense and unearthed today’s Wordle answer through a process of elimination.
Today’s Wordle hint
A Wordle hint for Monday, May 22
Wordle needs you to enter the name of a small domed hut or shelter made entirely from cut blocks of snow if you want to win today. Three of today’s five letters a…
Your Sunday Wordle help is right here. Let our hint for the August 11 (1149) game guide your guesses, or go look at the answer to today’s puzzle if things aren’t going your way. Whether you’re enjoying the process or just want to take a look at the winning word, we have it covered.
Oh, I almost had that in two. Then I almost had it in three. Then I actually had it in four. I’m sure being one letter off the right word is worse than being nowhere near. I can’t help but feel like I was only a finger-slip away from a lightning-fast Wordle win there.
Wordle today: A hint
Wordle today: A hint for Sunday, August 11
This is a small, round, dense and unsweetened cake. It’s often split into two and eaten with jam and cream. Nobody can agree on the order of these items, or how to pronounce this word.
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Is there a double letter in Wordle today?
No, there is no double letter in today’s puzzle.
Wordle h…
UL Solutions, the makers of the ever popular 3DMark benchmarking software, has announced 3DMark Steel Nomad. It’s set to replace the now aging Time Spy benchmark, and it’s sure to bring even the best rigs to their knees, as any new 3Dmark software should!
Steel Nomad is a heavy non-ray tracing cross-platform benchmark. It will support DirectX 12 via Windows, but also macOS and iOS using Metal, Android using Vulkan, and Linux using Vulkan. So far, only three screenshots have been teased and they certainly look good. For now we don’t have any information on the structure of the test(s), though a CPU test would seem likely.
Why doesn’t Steel Nomad support ray tracing? Well, there are the Speed Way and Port Royal benchmarks for that. Despite the industry and Nvidia in particular shouting about ray tracing from the rooftops, enabling it still incurs a hefty performance hit, and mid-tier graphics cards don’t yet have the horsepower to run ray traced games consistently, particu…
Save your win streak in a single click with the answer to today’s Wordle, give every game a boost with our guess-improving tips and advice, or find direction with a clue written specifically for the July 7 (748) Wordle. However you want to win, we’ve got all you need right here.
This turned out to be a quick and easy Wordle for me; a simple case of two letters, three letters, then a win. Finding the answer that fast is still a bit of a pleasant shock even after playing daily, for goodness knows how long, although it does leave me wondering how to spend my idle PC time until tomorrow.
Today’s Wordle hint
A Wordle hint for Friday, July 7
The word you’re looking for today is the name of a delicious fried cake-like treat, often formed into a circular shape with a distinctive hole in the middle and then coated in various sprinkles and glazes. There are two different vowels to uncover.
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Is there a double letter in today’…
Roblox Corporation has announced the creation of a new category of experiences, which is what it calls the games people create on the platform, for people aged 17 and older. “17 to 24 year-olds are the fastest-growing group on Roblox, and in 2022, people over 17 made up 38% of our daily active users,” said Roblox in the announcement. “We’ve heard your feedback on wanting to be able to build experiences that feature more mature themes and storylines that appeal to older users”.
Users wishing to create or take part in anything in this category will need to provide a selfie and a photo ID to Roblox. This means Roblox now has four categories of experience, starting at “All ages” (“infrequent mild violence and/or light unrealistic blood” allowed), then Ages 9+ (“mild violence, heavy unrealistic blood, and/or mild crude humor”), Ages 13+ (“moderate violence, light realistic blood, moderate crude humor, and/or unplayable gambling content”) and now the Ages 17+ band…
After Microsoft admitted its Azure platform had been breached by Chinese hacking group Storm-0558, chairman and CEO of network security giant Tenable, Amit Yoran, took to Microsoft-owned social platform LinkedIn to air his grievances against Microsoft’s security practices.
Citing a letter sent by US Senator Ron Wyden to the Cybersecurity and Infrastructure Security Agency (CISA), the Department of Justice (DoJ), and the Federal Trade Commission (FTC) recently, Yoran calls for Microsoft to answer for the “lack of transparency” and a “repeated pattern of negligent cybersecurity practices, which has enabled Chinese espionage against the United States government” (via The Verge).
That’s quite the accusation, and the Google Project Zero numbers seem to add insult to injury, as Yoran notes “Microsoft products have accounted for an aggregate 42.5% of all zero days discovered since 2014”.
Yoran’s main argument centres around the Azure hack. He says members of Tenable’s res…
Apple has rolled out its latest iPad Pro and apart from the new M4 chip, which is pretty interesting in its own right, the highlight is undoubtedly its new dual-layer OLED display, known in Apple parlance as Tandem OLED. Capable of 1,000 nits sustained full-screen brightness and 1,600 nits peak HDR, it blows away any OLED PC monitor for sheer brightness. Even the best current OLED large-format desktop panels top out at about 250 nits full screen.
So, the immediate question is whether Apple’s dual-layer OLED tech could make the transition to desktop or even laptop PCs. But that seems unlikely. The main reasons are cost and complexity.
For starters, the Tandem OLED panel uses two OLED panels stacked atop one another. Current PC OLED monitors are expensive enough with just one. The cost of two panels in one monitor doesn’t bear thinking about. And that’s before you consider the complexity of manufacturing such a display. The two panels will need to be very closely aligned t…
There’s a brand new clue for today’s Wordle waiting just below, ready to offer you a gentle nudge towards the answer without completely giving the game away. Or, if you’d actually quite like to have someone completely give the game away, just click or scroll your way down to the December 13 (907) puzzle’s winning word and enjoy your latest victory.
If Wordle gave out medals for having the most right letters and then drawing the worst possible conclusion from them, I’d have won gold today. I can’t even pretend I didn’t have any useful greens to anchor the yellows I wildly flung around either, because I definitely did—and for a few guesses too. Still, at least I won. Eventually.
Today’s Wordle hint
Wordle today: A hint for Wednesday, December 13
If someone or something is completely exhausted, all used up, or has nothing left to give, they could be described using today’s answer. Think of a burnt match, or a marathon runner with no energy…
Diablo 4 has a big, small problem: inventory space. There’s just not enough of it.
Among all the other cool things coming next year in Vessel of Hatred, Diablo 4’s first expansion, are a number of fixes designed to help players with the endless bag-space management task that is, perhaps, inevitable in Blizzard’s loot-explosion action RPG.
However, it turns out implementing a key player-requested feature—a loot filter—is harder than it might sound. Developers are working on it, Blizzard told us at a BlizzCon interview, but it may not appear soon.
“We don’t have a date to announce on the filter, and the reason for that is—let me back up just a little bit here,” Diablo 4 game director Joe Shely said. “When you think about the changes we made to experience in Season Two, when we talk about that, we say 40% faster leveling, which is correct. We have data that shows people are leveling faster and so forth. But we didn’t just go in and change the number …
Epic Games recently acquired ArtStation, which among other things is one of the biggest websites that artists use for sharing their portfolios. That means it’s also a target for AI companies looking for lots of categorized visual art to use as free training material for their machine learning algorithms. Although Epic Games CEO Tim Sweeney hasn’t taken any kind of hard stance against generative AI systems in general, he says he doesn’t like that companies are ingesting people’s artwork without permission.
“They’re scraping the web to find people’s artwork and then using it, and not getting their explicit say-so on the thing,” Sweeney told PC Gamer in a call earlier this week. “And a company shouldn’t do that sort of thing, right? Maybe that’s in bounds for research, but when you’re selling a commercial product that’s used to generate commercial artwork, you shouldn’t do that.”
Last year, Epic created a “noAI” tag artists can apply to their ArtStation works to explicitly …