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Oil prices rise slightly… Brent crude is above $79



Oil prices rise slightly… Brent crude is above $79

During today’s trade, Thursday, July 20 (2023), oil prices edged higher in light of uncertainty over demand and profit-taking measures in an effort to recoup losses in the previous session.

A smaller-than-expected decline in U.S. oil inventories and a weaker demand outlook kept investors cautious.

After rising for the first time in 4 weeks, U.S. oil inventories fell more than expected last week, and gasoline stocks also fell, according to the weekly report released by the U.S. Energy Information Administration yesterday, Wednesday, July 19, 2023.

Oil price today

At 06:49 GMT (09:49 Mecca time), the price of benchmark Brent crude futures – for September delivery 2023 – rose 0.01% to $79.47 a barrel.

West Texas Intermediate crude — for August 2023 delivery — rose 0.07% to $75.40 a barrel, according to figures tracked by the Specialized Energy Site.

And oil prices ended their trade yesterday, Wednesday, July 19, in decline, due to economic slowdown and commodity shortages and the release of US oil inventory data.

Oil storage tanks in Japan – Photo courtesy of Reuters

Oil price analysis

“After some heavy selling pressure overnight, there is an attempt to stabilize oil prices this morning,” said Yip Jun Rong, IG market strategist. Reuters.

Oil prices fell in the previous session; Investors took profits after data showed U.S. inventories fell less than analysts expected.

Meanwhile, the US dollar index was unchanged, falling 0.2%.The outlook for demand from China, the world’s biggest crude buyer, remains unclear even as the economy remains in recession.

However, on Tuesday, China’s top economic planner pledged to implement policies to “restore and expand” consumption in the world’s second-largest economy; Which may increase oil demand; Consumer purchasing power remained weak.

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Oil is required

Citigroup analysts said in a note that crude oil prices may struggle to find clear direction in the next few weeks amid a mixed global demand outlook.

Demand “Demand for gasoline and jet fuel picked up, but petrochemical and diesel prices remained weak, a mixed picture,” the analysts added.

After being stuck in the $72-$78 range in May and June due to Saudi production cuts and geopolitical risks, Citigroup analysts noted that Brent crude had broken out of a higher range through July.

Saudi Arabia has announced it will extend a voluntary production cut of one million barrels per day that began in July until next August, with the possibility of another extension.

Under Riyadh’s voluntary reduction pledge; Saudi Arabia’s oil production is slated to reach around 9 million barrels per day in August 2023.

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4 new AI tools you can use to edit photos on Instagram



4 new AI tools you can use to edit photos on Instagram
As part of Meta’s Connect conference last Wednesday, Mark Zuckerberg revealed several creative AI features that will be useful for some content creators and influencers. For example, users will be able to use Meta’s AI technology, revealed as Emu. In the Instagram app.

Zuckerberg said Meta will begin rolling out these photo-editing and generative AI tools to Instagram “in about a month,” and Meta’s Emu technology will take seconds to generate images, Zuckerberg said during the Connect conference.

In addition to photo editing tools, Meta is already releasing AI stickers that use Emu and Llama 2 technology, and advanced applications of AI will soon appear in Meta apps in the form of chatbots or AI-powered assistants. Meta will begin testing the beta feature immediately.

Here’s a full rundown of the new AI features Meta brings to Instagram:

– New photo editing tools in the Instagram app:

Like many apps and generative AI filters that are ubiquitous on TikTok, Instagram is adopting its own generative AI tools. Users can also edit photos by “re-styling”, which changes the artistic style of the photo, similar to altering the photo. A watercolor, or “background,” that allows users to replace the background of the image with an illustration.

Any image edited using these tools “represents the use of artificial intelligence,” Mitta wrote in a blog post.

– AI-generated stickers for use in direct messages:

Instead of sticking with Instagram’s existing preloaded stickers or emojis, Meta is rolling out a new tool that lets users create unique stickers using AI. Meta wrote in his blog post that the feature will be rolling out to “select English users next month.”

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AI stickers are also available in Instagram features like Live Messages and Stories, and other apps like WhatsApp, Messenger and Facebook’s Stories feature.

– Interactive AI bots – or characters:

In addition to its general AI assistant called “Meta AI,” Meta is working with celebrities and influencers to develop 28 AI chatbots. The first cast uses celebrities and popular influencers like Tom Brady and Kendall Jenner. MrBeast, LaurDIY, and Charli D. Amelio and the AI ​​characters will have their own profiles on Instagram and Facebook.

– Creators will be able to build their own robots in the future:

“We’re building a platform to build AI that can help you do things or have fun,” Zuckerberg said. “The way it works is that people can interact with these AI systems across the entire product universe. .”

Zuckerberg pitched these AI bots as a potential way for creators to “engage” with their communities. The creator of these bots should be “authorized” and “directly controlled,” Meta wrote in a blog post. Already, many startups have released AI tools. Similar applications allow creators to create AI versions such as Afterparty or Render Media.

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Inflation in the euro zone fell to its lowest level in a year



Inflation in the euro zone fell to its lowest level in a year

Economic data released today on Friday showed that the euro zone’s core inflation rate fell to its lowest level in nearly a year this month, bolstering expectations that the European Central Bank will keep interest rates on hold at its next meeting to assess. The consequences of an unprecedented campaign to raise interest rates throughout the past.

European statistics agency Eurostat reported today that sales, excluding highly volatile items such as food and energy, fell to 4.5% this September, while analysts polled by Bloomberg News had expected a drop of 4.8%, compared with 5.3%. In the month, in the past.

At the same time, the headline inflation rate eased to 4.3% this month from 5.2% last August, the lowest level in nearly two years and well below expectations, thanks to a fall in energy prices. Accelerating rate of rise in prices of services.

The data released today is a strong indication that core inflation, a key measure for the central bank’s monetary policymakers, is on a downward path following a period of statistical deterioration over the summer months.

Despite the decline, general and core inflation rates have been more than twice the central bank’s target of 2% annually.

At the same time, there is a wide disparity in inflation rates between the euro zone’s twenty member states, with the inflation rate in Germany falling to its lowest level in two years this month, while the rate in Spain rose by more than 3. % again.

The current September consumer price inflation rate showed a new decline, reaching its lowest level in more than a year and a half, with the Italian statistics office saying the inflation rate fell to 5.3 for the current month. % y/y compared to 5.4% last month, while the core inflation rate, excluding highly volatile food and energy prices, fell to 4.6% this month, down from 4.8% last month.

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Meta unveils new artificial intelligence products



Meta unveils new artificial intelligence products

Mark Zuckerberg, CEO of MetaPlatforms, has introduced a group of new products powered by artificial intelligence, including smart glasses that can answer questions and broadcast live on Facebook, as well as “bot” programs to create images and an advanced headset for virtual reality. .

Zuckerberg described the products as bridging the virtual and real worlds, and asserted that low-cost or free artificial intelligence in what Meta offered could be integrated into daily routines.

The MetaQuest virtual reality headset is one of the most popular in the burgeoning virtual reality industry, and company executives described it as the best value in the industry, marking the imminent launch of an expensive headset from Apple.

Speaking from the central courtyard at Meta’s sprawling campus in Silicon Valley, Zuckerberg said Meta’s new generation of Ray-Ban smart glasses will launch on October 17 for $299.

The device will have a new assistant from Meta that works with artificial intelligence and will be able to live-stream what the user sees on Facebook and Instagram, a feat compared to the previous generation’s ability to take pictures.

Earlier during the presentation, Zuckerberg said that the latest mixed reality headset (Quest) will start rolling out on October 10.

Zuckerberg’s statements came at the MetaConnect conference, the social media company’s biggest event of the year and the first to be held in person since the start of the Covid pandemic.

It launched the first consumer-oriented generative artificial intelligence products, in which a chatbot (meta AI chatbot) can generate text responses and realistic images.

Zuckerberg emphasized: “It’s not just about answering inquiries. It’s about helping people do things for entertainment and interacting with the people around you.”

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