USA refinery producers are slowing down production, exacerbating concerns about global crude oil oversupply.
Some top oil refiners in the USA are reducing their operation of refining facilities this quarter, which is exacerbating concerns about the global oversupply of crude oil products.
Intel has postponed its scheduled technology innovation conference in California next month.
Intel has postponed its innovation conference scheduled for next month in San Jose, California. The company is cutting costs and jobs due to dwindling cash reserves. In an email statement released on Friday, the company said it will instead focus on other activities, such as webinars, hackathons, and the Intel AI Summit. Last week, Intel released disappointing sales outlooks and decreased dividends. The company also plans to cut 15% of its workforce, indicating a long road ahead for CEO Pat Gelsinger's anticipated business revival.
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Poor economy drags down the market and soaring risk aversion pressures oil prices to plummet.
This week (8.1-8.7), crude oil product overall showed a trend of falling first and then rising. The average price of WTI this week was $74.24 per barrel, a decrease of $2.54 per barrel or -3.31% from the previous week.
