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The crude oil crash just got worse.US oil prices plummeted nearly 7% on Tuesday to .43 a barrel. That marks the cheapest closing price since late October 2017.The latest deep selloff coincided with more mayhem on Wall Street. The Dow shed more than 600 points on Tuesday as fears about slowing earnings and economic growth deepen."In times of crises, all assets correlate," said Matt Smith, director of commodity research at ClipperData. "Crude has gotten caught up in the flight from equities."In the span of just seven weeks, crude has gone from spiking to nosediving into a bear market. Fears of a new supply glut and weakening demand have wiped out 30% of its value since hitting a four-year high of a barrel in early October.Crude has sold off by about 7% twice in the past week. The November 13 decline of 7.1% was the worst in three years.Beyond the stock market tumble, energy analysts saw few new reasons for the energy plunge."Oil traders are overwhelmed by bearish news," said Clay Seigle, managing director of oil at Genscape. "The broad selloff in equities has traders concerned about the possibility of an economic slowdown, which could reduce demand for oil products."One new development may have also helped weigh on oil prices. President Donald Trump signaled on Tuesday he won't punish Saudi Crown Prince Mohammed bin Salman for the death of Washington Post journalist Jamal Khashoggi."It could very well be that the Crown Prince had knowledge of this tragic event -- maybe he did and maybe he didn't!" Trump said in a statement. Energy traders may be interpreting the White House comments on US-Saudi ties as a sign that the kingdom won't aggressively cut oil production to support the market. Trump has repeatedly urged Saudi Arabia and OPEC not to do anything that will lift prices."If we broke with them I think your oil prices would go through the roof," Trump told reporters at the White House Tuesday.He also said he was "not going to destroy the economy of our country" over the murder of Saudi journalist and Washington Post contributor Jamal Khashoggi.OPEC is scheduled to meet next month in Vienna to weigh a potential output shift."You've got to think OPEC will be looking to make a sizable cut to try to reign in supplies and find a floor for prices here," said ClipperData's Smith.Not long ago, OPEC was under pressure to ramp up output in a bid to avoid 0 oil. Traders feared a supply shortage caused by the Trump administration's sanctions on Iran, the world's fifth biggest oil producer.However, the Trump administration took a softer approach on Iran than it initially signaled. Temporary waivers were granted to China, India and other buyers.By that point, Saudi Arabia, Russia and the United States had already ramped up output, leaving the market with a potential glut. US production has been especially strong, driven by the shale boom in the Permian Basin of West Texas. US output alone is expected to spike by 2.1 million barrels per day in 2018.At the same time, the global growth worries spooking Wall Street threatens to eat into demand. The International Energy Agency warned last week of "relatively weak" demand for oil in Europe and advanced Asian countries as well as a "slowdown" in India, Brazil and Argentina."The outlook for the global economy has deteriorated," the IEA wrote.The-CNN-Wire 3361
The family of a Rochester, New York man killed during an encounter with police earlier this year, says officers' use of force led to his death as he suffered a mental health crisis.Following the release of the arrest video by Prude's family on Wednesday, protesters called for the city council to pass legislation that would forbid police officers from responding to mental health crises.On March 23, police encountered Daniel Prude in a Rochester street, naked, bleeding and unarmed. According to ABC News, he had been brought to the hospital earlier that evening after experiencing suicidal thoughts and had been subsequently released.Prude initially complied, and officers placed him in handcuffs.With the coronavirus pandemic in its infancy, officers then chose to place a spit hood over Prude's head. The hood appears to agitate Prude, and he asked officers to remove it.Moments later, Prude attempted to stand up, and officers wrestled him back to the ground.Video shows officers pressing Prude's face into the pavement for two minutes.It was then that police realized that Prude had stopped responding. Officers administered CPR, and he was rushed to the hospital.On March 30, Prude died when he was taken off life support."I tell this particular officer that comes to my door (prior to the incident), don't you kill my damn brother," Prude's brother Joe said on Wednesday. "Not even 15 minutes later, he comes back and tells me my brother is dead. You put a bag over his head — what did you put a bag over his head for?"An autopsy from the Monroe County Medical Examiner found that Prude died from complications of asphyxia from physical restraint. He also may have had PCP in his system.The Rochester Police Chief said he ordered criminal and internal investigations following the incident. The case was sent to the New York Attorney General's office, as required by state law when investigating in-custody deaths.None of the officers involved in the incident have been suspended. Protesters in Rochester Wednesday night called for the removal of the officers from the department."A naked and defenseless man lynched and we need to think about that in this moment," activist Stanley Martin said. "We have no excuse. This happened under the watch of the city." 2276
The Cincinnati-area airport took a child’s beloved stuffed animal for an impromptu tour, reaching many on social media, before uniting the toy Dalmatian with its family in Florida. Staff at the Cincinnati/Northern Kentucky International Airport were sending the toy back to Florida on Friday. Spokesperson Mindy Kershner says the airport’s Facebook posts about the missing plaything reached 1 million people. Airport employees found the toy left behind in the terminal and snapped photos of the lost traveler outfitted in a mask at the airport’s restaurants, on the runway and with a K9 team. 600
The Camp Fire is just the latest fire tragedy in California. Residents are still rebuilding in Wine Country more than a year after the destructive wildfires there.In the one year since Kelly Bracewell's Santa Rosa home turned to ash, she's figured out how to be happier. She’s also learned how to live without some of her most cherished possessions.As she rebuilds her own home, she works to help others who lost everything."As an interior designer, it’s been a great distraction,” she says.She says she wants to help put the community back together.Another community member, artist Gregory Roberts, is also using his talents to help people heal.One artist is using the ashes to help the people who lost their homes heal.“I was standing in the studio during the fires, and ash was falling all around,” Roberts describes.Roberts was certain that he, too, would lose his home. Fortunately, his house and pottery studio survived, but the ash raining down over Wine Country gave him an idea.“I wanted to be able to give people back something to let them know that your memories are not actually lost; your memories are all still intact,” he says.Roberts started collecting ash from lost homes. Ashes from 140 homes appeared in a plastic bin on his front porch, some with handwritten notes, of people wanting him to create art from their lost homes."Something from their home, because this idea that everything is lost is a hard one to overcome," Roberts says.Roberts says the ash remnants of homes are different, so the patterns and colors are never the same."I really want each one to be sort of its own unique animal,” Roberts says. “In the same way that each person's home is unique." 1691
The Electric Daisy Carnival in Las Vegas has been postponed yet again and is joining a growing list of companies canceling or pushing back in-person events amid the pandemic.EDC Las Vegas 2020 was originally scheduled to take place at the Las Vegas Motor Speedway in May of this year. Due to the coronavirus pandemic, the event was pushed back to October.On Sunday, however, Insomniac CEO and Founder Pasquale Rotella announced new dates for the event, officially postponing it to next year.The new dates are May 21-23, 2021.RELATED: Events in Las Vegas pull plug amid coronavirus pandemicAccording to the EDC website, all tickets will be honored for the new dates. If you are unable to attend the rescheduled dates, customers are asked to fill out the festival verification here. In a post to Instagram, Rotella wrote: 827