Daily Oil Fundamentals
AI Doubts, Peace Doubts
23 Oct 2026AI Doubts, Peace Doubts
The recent inverse relationship between equities and oil was on full display yesterday. Global stocks, led by the tech-heavy Nasdaq Composite Index, weakened considerably. Fears about the sustainability of the AI craze are ominously mounting. The trigger for yesterday’s rout was Meta, as the Facebook owner warned of the need to borrow hundreds of billions of dollars in the coming years as the AI race intensifies. To add insult to injury, weekly US jobless claims fell to a 57-year low, bearing witness to a solid labour market that will not stand in the way of further rate hikes should persistent inflationary pressures warrant them.
