Oil prices rose yesterday for the 6th day in the past 7 to their highest levels since March. Crude prices were higher in mid-day trading today, with the WTI up 1.5% at $45.57/bbl and Brent up 1.1% at $48.38/bbl. Natural gas was 1.9% lower at $2.72/MMBtu.
The American Petroleum Institute yesterday reported a larger-than-expected build in crude inventories last week.
Saudi Aramco-owned Sabic is in preliminary talks to go public with its specialty chemicals unit, a move that could deepen Saudi Arabia’s stock market while attracting more foreign investment to the country.
Saudi Arabia’s exports fell by nearly a third in September year over year, driven by a 38.7% drop in oil shipments.
Exxon has dramatically reduced its projections for oil prices for the next decade, according to internal financial planning documents revealed by the Wall Street Journal.
Rural America has seen COVID-19 infections at a rate of up to 60% higher than urban areas in recent weeks.
Texas reported a single-day record for new COVID-19 cases on Tuesday with 13,998. The state’s seven-day average is also at an all-time high of 10,606 cases per day.
California counties are facing tighter restrictions after the state shattered its one-day record of new COVID-19 infections on Monday, reporting 20,513.
Federal health officials are considering shortening the recommended 14-day quarantine period for those who test negative for the virus during confinement, although official guidance from the CDC has not yet been released.
The federal government is gearing up to send 6.4 million doses of Pfizer’s coronavirus vaccine to states within 24 hours of the drug’s regulatory approval, which could come as early as mid-December.
New research is pointing to an early mutation in COVID-19 that may have made it easier for the virus to spread. First spotted in eastern China in January, the mutation has displaced variants of the disease elsewhere, taking strong hold in Europe and New York City.
A private research group’s index of consumer confidence fell below analysts’ expectations in November, signaling Americans’ dimming view of the economy alongside rising COVID-19 cases.
Walmart is the latest in a string of large retailers – including Home Depot, Lowe’s and Williams Sonoma – to hang customers’ Christmas lights or deliver live trees to their doorsteps.
As holiday travel picks up, health experts are calling out airlines for using misleading claims that may imply the risk of exposure to COVID-19 while flying is lower than most people think.
General Electric is extending cuts in its aviation division, citing the pandemic’s continued effects on commercial air travel. The company already slashed 25% of the division’s 52,000 employees earlier this year.
Deere & Co. reported better-than-expected quarterly results and forecast an improving outlook for the agricultural and construction sectors after earlier turmoil in the pandemic.
Booming laptop sales partially offset a drop in office equipment revenue for both HP and Dell in the most recent quarter.
The centuries-long story of glass food preservation shows that mason jars may be one of the most accurate barometers of the state of the economy, with sales taking off during times of economic insecurity, including the pandemic.
Lockdowns and restrictions in Europe appear to be working to slow the spread of COVID-19 in Europe:
French officials will begin easing the country’s second national lockdown this weekend after a dip in case numbers from the previous month’s highs.
COVID-19 fatalities in Italy hit 853 on Tuesday, the highest level since late March. Deaths in Russia topped 500 yesterday, a record, while hospitals are at 80% of capacity. Russia recently topped 2 million reported COVID-19 infections:
There is still no sign that Sweden’s “herd immunity” approach to containing COVID-19 is paying off, even as a third of people in the country’s capital tested positive for virus antibodies. Life expectancy in the country is falling for the first time in more than a century.
China and Japan will ease several virus-related travel restrictions by the end of the month in a move to encourage business travel.
Canada’s Alberta province is banning indoor private gatherings after a surge in COVID-19 cases in the country’s westernmost areas.
The global airline industry will lose an estimated $157 billion in 2020 and 2021, according to the International Air Transport Association, a 60% increase from its June forecast.
For the first time since 2009, the global market for personal luxury goods has declined, shrinking back to 2014’s market size after a 23% year-over-year decrease in 2020.
McDonald’s announced a three-year plan to invest nearly $400 million in new McCafe locations in China, a move that will likely put strong competitive pressure on the country’s dominant Starbucks franchises.
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