The role of oil price benchmarks in oil trading

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Oil trading is a complex and multifaceted industry that involves a wide range of participants, including producers, consumers, traders, and investors. At the heart of this industry are oil price benchmarks, which play a critical role in determining the price of crude oil and other related products. In this article, we will explore the importance of oil price benchmarks in oil trading and how they influence the global energy market. If you want to know more about oil trading, then you can visit the Oil Profit.

What are oil price benchmarks?

Oil price benchmarks are reference prices that serve as a basis for pricing crude oil and other petroleum products. They are used by producers, consumers, traders, and investors to determine the fair value of oil and to set prices for various products. There are several types of oil price benchmarks, but the most widely used are Brent crude oil and West Texas Intermediate (WTI).

Brent crude oil is a benchmark for oil prices in Europe, Africa, and the Middle East, while WTI is a benchmark for oil prices in North America. Both benchmarks are highly liquid and widely traded, making them the most commonly used reference prices in the oil industry. However, there are other oil trading platforms emerging in the market such as Oil Era which is an Oil trading platform.

These benchmarks and platforms are influenced by various factors, including supply and demand dynamics, geopolitical events, and production decisions of major oil-producing countries. By staying informed about these factors, stakeholders can navigate the volatile and complex oil market with greater confidence.

How do oil price benchmarks work?

Oil price benchmarks play a crucial role in determining the prices of various petroleum products, ranging from gasoline to heating oil. These benchmarks are essentially a reference point for buyers and sellers of crude oil to determine the prevailing market price. The most commonly used benchmarks are Brent crude and West Texas Intermediate (WTI).

The prices of these benchmarks are determined by the supply and demand dynamics of the global energy market. This means that any factors that affect the supply or demand for crude oil can influence the prices of these benchmarks. For example, if there is a sudden increase in demand for crude oil due to economic growth, the price of the benchmarks will go up. Conversely, if there is a significant increase in supply due to new oil discoveries, the price of the benchmarks will go down.

Apart from supply and demand factors, oil price benchmarks are also influenced by various geopolitical events that can impact the global energy market. These include wars, political instability, and sanctions imposed by countries on other countries. For example, in 2018, the United States imposed sanctions on Iran, which resulted in a drop in the supply of crude oil from the country and led to an increase in the price of Brent crude.

Another factor that affects the price of oil benchmarks is the production decisions of major oil-producing countries. Countries such as Saudi Arabia, Russia, and the United States have a significant influence over the global energy market and can use their production levels to affect the price of crude oil. For example, in 2020, Saudi Arabia decided to cut its oil production to support the price of crude oil during the COVID-19 pandemic.

In addition to Brent crude and WTI, there are other oil price benchmarks used in different parts of the world. For instance, Dubai crude is used as a benchmark for oil prices in Asia, while the OPEC basket is used as a benchmark for oil prices among members of the Organization of the Petroleum Exporting Countries (OPEC).

Why are oil price benchmarks important in oil trading?

Oil price benchmarks play a crucial role in oil trading because they provide a standard reference point for pricing crude oil and other petroleum products. They enable producers, consumers, traders, and investors to compare prices across different markets and to make informed decisions about buying and selling oil.

Oil price benchmarks also facilitate the hedging of oil price risks by providing a basis for the trading of futures contracts and other financial instruments. These instruments allow market participants to lock in prices for future delivery, reducing their exposure to price volatility and providing stability to the global energy market.

Conclusion

In conclusion, oil price benchmarks are a critical component of the global energy market and play a vital role in determining the price of crude oil and other petroleum products. They provide a standard reference point for pricing oil and enable market participants to make informed decisions about buying and selling oil. Oil price benchmarks also facilitate the trading of futures contracts and other financial instruments, providing stability to the global energy market and reducing price volatility.


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Tampa General Hospital half thwarts ransomware attack, but still loses patient data

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The Tampa General Hospital has promised to reach out to the individuals whose information has been stolen by the Snatch ransomware group.

The Tampa General Hospital (TGH) has promised to reach out to individuals whose information has been stolen by a ransomware group.

In a cybersecurity notice, TGH said it noticed unusual activity on its computer systems on May 31, 2023.

“Fortunately, TGH’s monitoring systems and experienced technology professionals effectively prevented encryption, which would have significantly interrupted the hospital’s ability to provide care for patients.”

While that is good news from a healthcare perspective, the ransomware operators did obtain something of value. An investigation learned that an unauthorized third party accessed TGH’s network and obtained files from its systems between May 12 and May 30, 2023.

Further investigation showed that some patient information was included. The information varied from person to person, but may have included names, addresses, phone numbers, dates of birth, Social Security numbers (SSNs), health insurance information, medical record numbers, patient account numbers, dates of service and/or limited treatment information used by TGH for its business operations.

According to TGH, the criminals did not access the hospital’s electronic medical record system.

TGH says it is mailing letters to individuals whose information may have been compromised, and will provide complimentary credit monitoring and identity theft protection services to those whose Social Security numbers were accessed.

There are some actions you can take if you are, or suspect you may have been, the victim of a data breach.

  • Check the vendor’s advice. Every breach is different, so check with the vendor to find out what’s happened, and follow any specific advice they offer.
  • Change your password. You can make a stolen password useless to thieves by changing it. Choose a strong password that you don’t use for anything else. Better yet, let a password manager choose one for you.
  • Enable two-factor authentication (2FA). If you can, use a FIDO2-compliant hardware key, laptop or phone as your second factor. Some forms of two-factor authentication (2FA) can be phished just as easily as a password. 2FA that relies on a FIDO2 device can’t be phished.
  • Watch out for fake vendors. The thieves may contact you posing as the vendor. Check the vendor website to see if they are contacting victims, and verify any contacts using a different communication channel.
  • Take your time. Phishing attacks often impersonate people or brands you know, and use themes that require urgent attention, such as missed deliveries, account suspensions, and security alerts.

Snatch ransomware

On July 18, 2023, Snatch ransomware group claimed responsibility for the data theft on its leak site.

screenshot of the Snatch leak site

At Malwarebytes, we’ve been tracking the Snatch group since 2019. The group is suspected to operate from Russia. Back in 2019, the group stood out because it deployed a somewhat new technique for ransomware which forced the affected machine to reboot into safe mode without networking. Safe mode starts Windows in a basic state, using a limited set of files and drivers. It’s intended for troubleshooting, but since many monitoring tools will not work in safe mode, it allowed for an undisturbed and quicker encryption process. By choosing the “without networking” mode, administrators lose view of the system. The Snatch ransomware added itself as a service which ran in safe mode. Interestingly, for some reason the group no longer uses that method.

Their most common attack vectors include brute-force attacks against vulnerable, exposed services such as RDP, VNC (Virtual Network Computing), and TeamViewer. Programmed in Go, the ransomware component is separate from the data stealer. We have not seen the multi-platform capabilities of Go put to use, and only Windows machines are affected.

Malwarebytes detects the Snatch ransomware as Ransom.Snatch.

screenshot of Malwarebytes detecting Ransom.Snatch

How to avoid ransomware

  • Block common forms of entry. Create a plan for patching vulnerabilities in internet-facing systems quickly; and disable or harden remote access like RDP and VPNs.
  • Prevent intrusions. Stop threats early before they can even infiltrate or infect your endpoints. Use endpoint security software that can prevent exploits and malware used to deliver ransomware.
  • Detect intrusions. Make it harder for intruders to operate inside your organization by segmenting networks and assigning access rights prudently. Use EDR or MDR to detect unusual activity before an attack occurs.
  • Stop malicious encryption. Deploy Endpoint Detection and Response software like Malwarebytes EDR that uses multiple different detection techniques to identify ransomware, and ransomware rollback to restore damaged system files.
  • Create offsite, offline backups. Keep backups offsite and offline, beyond the reach of attackers. Test them regularly to make sure you can restore essential business functions swiftly.
  • Don’t get attacked twice. Once you’ve isolated the outbreak and stopped the first attack, you must remove every trace of the attackers, their malware, their tools, and their methods of entry, to avoid being attacked again.

Malwarebytes EDR and MDR remove all remnants of ransomware and prevents you from getting reinfected. Want to learn more about how we can help protect your business? Get a free trial below.

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Twitter might soon allow organizations to post job listings

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Twitter is reportedly working on a new feature that allows verified organizations to post job listings on their profiles. The feature could allow a verified business account to post up to five job listings, making it easy and efficient for job seekers to find employment opportunities.

Traditionally, Twitter, now rebranded as X,  has been a platform for people to share their thoughts and opinions on various topics. However, after Elon Musk’s takeover, Twitter is becoming more business-focused by adding more features tailored to the organization’s needs. The platform is now spotted testing a new feature dubbed “Twitter Hiring.”

Twitter is becoming a hub for job seekers by allowing organizations to post job listings

Twitter Hiring will simply allow a verified organization to post up to five job opportunities in its profile. App researcher Nima Owji shared a screenshot of Twitter Hiring that clearly shows how the feature works. First, it lets eligible accounts import all their jobs to Twitter by connecting a supported Applicant Tracking System (ATS) or XML feed.

As the introduction page states, “Twitter Hiring is a free feature for Verified Organizations to post jobs, feature jobs, on your company profile, and attract top talent to your open positions.” Back in May, Twitter acquired Laskie, which is a job-matching platform. Now, we can see why the first Twitter acquisition under Elon Musk was a job-matching startup.

Twitter Hiring is now activated for some verified organizations on the platform. Adam Ryan, the CEO of Workweek, has shared a screenshot of the feature in its profile while roasting Mark Zuckerberg for copying Twitter. The job listings will appear below the “Following” and “Followers” in rectangular boxes. Of course, verified organizations on Twitter that are already paying $1000 monthly need to pay an extra amount to use Twitter Hiring.

Many businesses currently use Twitter to advertise their brands and engage with consumers. Twitter now offers another channel for businesses to interact with prospective employees, thanks to the addition of job ads.

Additionally, Twitter itself is anticipated to benefit from the new functionality. Twitter gives users another reason to visit and stay on the platform by introducing job opportunities. Higher ad revenue and more chances for Twitter to monetize its platform could result from this increased engagement.


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iOS 16.6 is rolling out to patch several software flaws

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Apple has started rolling out iOS 16.6 to users. This update does not really bring any new features, but it’s basically a hotfix. It’s here to patch software flaws, essentially.

iOS 16.6 is now rolling out to patch software flaws, along with iPadOS 16.6

In addition to iOS 16.6, iPad OS 16.6 is also out. Both updates are here to patch vulnerabilities, actually. One of them is a vulnerability that impacts the Apple Neural Engine. The company says that an app may be able to execute arbitrary code with kernel privileges, allowing an attacker to run any command on an iPhone or iPad. So, it’s important you update as soon as possible.

All iPhones from iPhone 8 and up will get this update, and the same goes for the iPad Pro (3rd gen) / iPad Air (3rd gen) / iPad Mini (5th gen) and later. The Find My app has a vulnerability that could allow sensitive location information to end up in the wrong hands. That’s another issue that Apple fixed here.

Patches for the Kernel side of things have also been issued

Apple also issued several patches for the Kernel part of the update. It seems like this vulnerability has already been exploited. It allows an app to modify sensitive kernel states. In other words, an attacker can manipulate how iOS works.

Apple also listed two vulnerabilities that it fixed on the WebKit browser engine side of things. Some of these have also been exploited, it seems.

Now, if you want to install this update, you can wait for the phone to notify you, or go check whether it’s available for yourself. Simply go to Settings -> General -> Software Update, and follow directions.

It is also worth noting that, in addition to iOS 16.6 and iPadOS 16.6, Apple also released watchOS 9.6, macOS 13.5, and tvOS 16.6 updates.


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How to set up computer security for your parents

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Here are some tips that you can use to set up a secure environment for your parents’ digital needs.

If you want to tighten up your parents’ home cybersecurity as much as possible, you’ve come to the right place. After all, you’re no doubt the family IT person, and first point of contact if trouble arises. 

Consider a Chromebook. If someone is looking for a new computer system for regular, non-demanding purposes, such as browsing, social media, and email, you can help with recommendations. For such a person, who isn’t invested in heavy gaming, a Chromebook would be a good option, as it will save them some money and can perform all those functions, plus allows them to play browser-based games if needed.

Turn on auto-update. Installing software on a system usually comes with the task of having to keep it up-to-date. Therefore, any software program, operating system or browser that has an option to auto-update should be set to do this. We know this isn’t always recommended in a work environment, but for the computer illiterate person in their own home, it’s perfect. One less thing to worry about.

Configure their security software.  In addition, selecting security software that allows users to minimize notifications to only dire warnings will keep users from getting confused. Notifications coming from programs can have strange effects on the less computer savvy for several reasons:

  • They don’t understand to which program the messages belong, which takes away the context for them
  • The text in the notifications is designed to be short, which means they’re not always maximized for clarity
  • Technical terms used in the notification may be unfamiliar

When there are too many notifications, people can get fatigued. Most will simply want the pop-ups to disappear, no matter what they have to click on to accomplish this. So, any software that can be set to only issue a warning when something is really amiss deserves a big plus.

Disabled Remote Desktop. If you’re dealing with a Windows computer, disable Remote Desktop. Remote Desktop is sometimes used by scammers in things like technical support scams, so if you don’t need it you may as well turn it off. You can do this in Settings. Here’s how to do it in Windows 10:

  • Launch the Settings app. (shortcut Win + I)
  • Under the System section, scroll down and click on the Remote Desktop option.
  • Then, click on the toggle next to the Remote Desktop option to turn it off.

screenshot of remote desktop settings

  • Windows will prompt you to confirm your decision.
  • Click on the Disable button and exit the settings app.

Use an easy to maintain blocklist or firewall. This can keep a lot of harm at bay. Alternatively, make use of security software that includes a web protection module, like Malwarebytes Premium.

Configure the router accordingly. Make sure to configure the home router and access points with unique usernames and passwords and do not use the default ones that come with the equipment. Many botnets will attempt to take over such devices by trying default credentials.

There are some other basic settings that can enhance the security of the home router without hindering the users:

  • Turn off remote management if enabled.
  • Use WPA2 or WPA3 (if available) encryption on Wireless routers.

Hang up, close the tab, and call your bank. A Dutch bank ran a very effective campaign that advised customers to “Hang up, close the tab, and call your bank.” This is very easy to remember and very effective at the same time. Tell your parents to remember that phrase when they see “urgent” warnings online or get cold calls from Microsoft, their bank, or any other entity that seeks access to personal or financial information. It’s good to teach your parents they shouldn’t trust that friendly voice with a concerned tone, if they can’t verify their identity. The same is true for text and chat messages. Even if the sender claims to be you on your new phone.


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Cybersecurity risks should never spread beyond a headline. Keep threats off your devices by downloading Malwarebytes today.


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Threads gets a ‘Following’ feed, but Meta doesn’t want you to see it

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Threads launched to some major success, but the app is pretty bare-bones compared to its rivals. There’s a long list of things that Threads can’t do, but it will get shorter over time. Thanks to a new update, Threads just got the long-awaited Following feed, according to 9To5Google.

This is one of the main things that people have been pining for since the app made its debut. Users would join the app and follow a bunch of creators and friends only to be met with a feed of posts from celebrities and influencers. This has been a pain point for Instagram users as well.

Threads finally gets its following feed

Now, users’ prayers have been answered, as Meta released the first major update for its new platform. This update is live for both iOS and Android, so no one will feel left out. It’s a server-side update, so users will still need to wait even with the most up-to-date version of the app (version 293.0.0.30.110).

As it stands, your feed is an algorithmically-curated feed of posts. These include posts from those you follow and popular accounts. The app is feeding you what it feels that you like. However, sometimes, we just want to see posts from folks that we follow. Also, the posts aren’t in chronological order.

With the new Threads Following feed, you’ll only see posts from accounts that you follow. Also, it’s in chronological order, so you’ll always be fed posts fresh from the creators’ fingertips.

While this is a step forward for the app, it’s handled in a bit of a weird way. The new feed won’t be visible by default when you open the app. In order for you to see it, you’ll need to press the Home button. When you do this, you’ll see two tabs lower from the top of the UI.

The tab on the left will be called “For You”, and this is the default feed. The one on the right, you’ll see the Following tab. Tap on it to see the new tab. It’s weird that Meta is trying to hide this feed from its users. This makes sense, as the feeds are also hidden on Instagram.


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Twitter CEO confirms banking and payment plans for X

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Twitter is in the process of reinventing itself under a new brand name. The social network that we’ve long known as Twitter is now called X. It’s a brainchild of the company’s owner Elon Musk, who wants to make it an “everything app.” His plans include offering banking and payment services along with the existing core features. Twitter’s newly-appointed CEO Linda Yaccarino briefly discussed those plans in a recent memo to employees.

According to Yaccarino, the plethora of changes that have happened on Twitter over the past nine months or so (since Musk took over the company) have had a positive impact on the platform’s usage. More people are using Twitter today than ever before. “Everyone should be proud of the pace of innovation over the last nine months — from long-form content to creator monetization and tremendous advancements in brand safety protections,” she said.

Twitter wants to enter the fintech business following the X rebrand

However, it’s just the beginning. Musk’s long-term vision for Twitter or X is much broader. As said earlier, he wants to enter the fintech business while keeping social networking at the core. The new Twitter CEO reiterated this in her memo to employees, which was seen by CNBC.

“We’ll continue to delight our entire community with new experiences in audio, video, messaging, payments, and banking — creating a global marketplace for ideas, goods, services, and opportunities,” Yaccarino said. She added that the new Twitter has “an inventor mindset,” so it will continue to test out new approaches, which may see it constantly chopping and changing things until it gets them right.

“With X, we will go even further to transform the global town square and impress the world all over again,” the Twitter CEO stated. The platform will “preserve free expression and choice” to create limitless interactivity, while simultaneously creating “a marketplace that enables the economic success of all its participants.”

“You’re writing history, and there’s no limit to our transformation,” Yaccarino encouraged Twitter employees. “Let’s go make that next big impression on the world.” Unfortunately, her memo is light in details regarding the immediate plans.

However, Musk recently said that the platform will add “comprehensive communications and the ability to conduct your entire financial world” in the coming months. He added that the Twitter name does not fit well in these plans, hence the re-branding. It remains to be seen how Twitter will change over the next few months. We will keep you posted with all the latest information.


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Update now! Apple fixes several serious vulnerabilities

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Apple has released security updates for several products to address several serious vulnerabilities including some actively exploited zero-days.

Apple has released security updates for several products to address several serious vulnerabilities  including some actively exploited zero-days. Updates are available for these products:

 

The updates may already have reached you in your regular update routines, but it doesn’t hurt to check if your device is at the latest update level. If a Safari update is available for your device, you can get it by updating or upgrading macOS, iOS, or iPadOS.

How to update your iPhone or iPad.

How to update macOS on Mac.

The Common Vulnerabilities and Exposures (CVE) database lists publicly disclosed computer security flaws. Some of the notable CVEs patched in these updates are:

CVE-2023-38606: A vulnerability in the kernel that may allow an app to modify sensitive kernel state. Apple is aware of a report that this issue may have been actively exploited against versions of iOS released before iOS 15.7.1. The exploitation of this vulnerability took place as part of a 0-click exploit chain used to install spyware. These exploitation methods are named like that because they require no user interaction to compromise a device.

CVE-2023-32409: a vulnerability in the WebKit. A remote attacker may be able to break out of Web Content sandbox. Apple is aware of a report that this issue may have been actively exploited. A patch for this vulnerability was issued in May for iOS 16 and iPadOS 16, but is now also available for iOS 15.7.8 and iPadOS 15.7.8.

WebKit is the engine that powers the Safari web browser on Macs as well as all browsers on iOS and iPadOS (all web browsers on iOS and iPadOS are obliged to use it). It is also the web browser engine used by Mail, App Store, and many other apps on macOS, iOS, and Linux.

CVE-2023-37450: Another WebKit vulnerability where processing web content may lead to arbitrary code execution. Apple is aware of a report that this issue may have been actively exploited. This vulnerability has been covered by a Rapid Security Response (RSR) earlier because Apple was aware of a report that this issue may have been actively exploited.

CVE-2023-32416: a vulnerability in the Find My app which could allow another app to read sensitive location information. This issue was addressed with improved restrictions.


We don’t just report on vulnerabilities—we identify them, and prioritize action.

Cybersecurity risks should never spread beyond a headline. Keep vulnerabilities in tow by using Malwarebytes Vulnerability and Patch Management.


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Meta continues its hardline stance against news publishers

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Meta has been going rounds with government bodies in recent months over the attempt to convince the company to pay news publishers for their content. Most recently Facebook’s parent company has been engaged with the Canadian government. Who back in June signed the Online News Act into law. The law would basically force Meta to pay news publishers a cut of the revenue earned from news shared on sites like Facebook and Instagram. Only prior to things being finalized, Meta said it would remove news content from its websites.

Meta then followed through on that promise in late June. Noting that news availability would be ended for all users on Facebook and Instagram prior to the Online News Act taking effect. It then later launched Threads. Where the company said it wouldn’t do anything to “encourage news” on the platform.

Now it seems Meta is taking things even further, according to a recent report from The Financial Times.

Meta snubs news publishers further by “downgrading” current affairs on Threads app

It’s worth reiterating that much of what’s going on isn’t limited to just Canada. Even if it’s the most recent country to try and stand up to Meta’s decisions to forego sharing revenue with publishers. As the Times points out, Meta pulled news from Facebook in 2021 for a brief time. It also said it would pull news from Facebook and Instagram for users in California. Following the state’s push to enact a similar law to the one in Canada.

Now The Financial Times states Meta is “downgrading” current affairs on its Threads app. Widening the gap between Meta’s relationship with Canada. The Financial Times notes that Meta’s decisions to refuse talking with Canadian regulators could cost it large sums of money. According to the report Canada made up around $3 billion of Meta’s $117 billion in annual revenue last year. And now governments across Canada are threatening to pull advertising as a response to Meta’s pushback on the law.

But Meta doesn’t seem to be budging. And its willingness to stick it out suggests the company may well take this stance with other countries.


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Google Chrome Bing AI for Windows devices is finally here

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Google Chrome Bing AI is finally here for Windows devices, but there are a few things to keep in mind. This AI model is finally making its way to Google Chrome, thanks to the fact that Bing is available on the browser. Microsoft is now making Bing available on Chrome to give Windows 10 and 11 users of the browser more reasons to interact with the chatbot.

A few months ago, Microsoft rolled out this AI chatbot to the Edge browser. However, some users of Windows devices prefer Google Chrome to the Edge browser. This means that some people were missing out on all the Bing AI chatbot goodness.

Microsoft took note of this and is fixing the issue to bring the Bing AI chatbot to more users. By making this chatbot more accessible to users of different browsers, Microsoft can get more users to try out AI while browsing. But, despite bringing this feature to other browsers, Microsoft limits its usage, leaving some functions exclusive to the Edge browser.

Google Chrome on Windows devices gets Bing AI chatbot with some restrictions

Bringing Microsoft Edge to other browsers allows users of these browsers to use the Bing AI chatbot. Users of both Chrome and Safari browsers are now getting the opportunity to use AI tools on their browsers. However, there are some restrictions or limitations to the usage of this feature.

These restrictions are in place to give the Edge browser an upper hand. Recently, Windows 10 and 11 Chrome users are noticing a pop-up on the taskbar prompting them to try out Bing AI. Users that have tried out this feature point out that it supports dark mode.

For those that don’t like dark mode, they can switch to light mode in the hamburger settings. Some limitations include the fact that Microsoft is limiting the messages per conversation to only five entries. Also, the Bing chatbot on Chrome has a character limit of 2000 entries from the 4000 available on the Edge browser.

Another limitation of this feature is that only select users can access it at this point. Possibly, in the coming months, Microsoft will expand the usage of Bing chat on the Chrome browser to more users.

Reports also have it that Microsoft is working on improving the chatbot feature. The improvement might remove Bing chatbot’s dependency on a search engine to source replies for users. More information on the accessibility of the Bing chatbot to Chrome users and the coming improvements will be available in the coming months.


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