Business Brief (Oct. 24): Oil Prices Jump on U.S., EU Sanctions Against Russia
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Global oil prices jump on new Russia sanctions
International crude oil futures surged on Oct. 23, with both WTI and Brent crude climbing over 5%. The spike followed an announcement by U.S. Secretary of the Treasury Scott Bessent that the U.S. would sanction Russia’s two largest oil companies. On the same day, the European Union formally approved its 19th round of sanctions against Russia.
China and U.S. to hold high-level trade talks in Malaysia
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- Global oil prices surged over 5% after new U.S. and EU sanctions on Russia’s largest oil companies.
- China and the U.S. will hold high-level economic talks in Malaysia from Oct. 24-27; China’s new Five-Year Plan targets tech self-reliance and higher GDP.
- Peking University developed a 24-bit analog computing chip; Chinese firms hold 69% of global battery shipments; Alibaba launches Quark AI glasses presales.
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- Alibaba
- Alibaba is mentioned in the article in the context of commercializing AI applications. It will begin presales for its Quark AI glasses, indicating its involvement in developing and launching AI-powered products.
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