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Friday brought another round of dramatic price cuts in the oil patch.US oil prices plummeted 7% and sank deeper into a bear market that has alarmed investors and made drivers around the world happy.The latest wave of selling knocked crude below a barrel for the first time since October 2017.Anxiety about oversupply and diminished demand have sent crude down by a third since it soared to a four-year high above a barrel in early October. Observers have gone from fearing 0 oil to expressing concern over why its price collapsed so quickly."The unrelenting six-week selloff has been unnerving to say the least," Michael Haigh, head of commodities research at Societe Generale, wrote to clients on Wednesday.Oil bulls are hoping OPEC and Russia come to the rescue by announcing steep production cuts at a meeting next month in Vienna. However, President Donald Trump is pressuring Saudi Arabia and OPEC not to reduce output despite the crash in prices. Traders are worried Trump's recent praise for Saudi Arabia signals the Saudis won't back a significant production cut.For the week, US oil prices are down nearly 10%.Lukman Otunuga, research analyst at FXTM, described the weekly selloff as "brutally bearish."Brent crude, the global benchmark, shed 5.5% on Friday and declined to a new 2018 low of a barrel.The meltdown was triggered by a series of developments that darkened the energy outlook. Prices soared over the summer as Trump vowed to zero out Iran's oil exports. That led Saudi Arabia, Russia and especially the United States to ramp up production. However, the Trump administration later took a softer approach on Iran sanctions to keep oil from spiking. Officials granted temporary waivers to China, India and other buyers of Iran's crude. That headfake left the oil market staring at a potential glut.At the same time, global growth fears emerged in financial markets. Economists are marking down their GDP forecasts for 2019. Germany and Japan, the world's No. 3 and 4 economies, are already in contraction. China is slowing, too. None of that is bullish for oil, which powers the world economy."Rising global crude supply coupled with worrying signs of slowing demand have written a recipe for disaster for the oil markets," Otunuga wrote to clients on Friday.The rapid collapse in oil prices caught many off guard, including hedge funds that made outsized bullish bets on crude earlier this year. Large commodity funds have accumulated losses in excess of .7 billion so far this quarter, Societe Generale estimates."Sentiment on commodity markets has been despondent," Haigh wrote.The energy slump came at just the right time for consumers though. Millions of Thanksgiving travelers were greeted by cheaper prices at the pump. The average gallon of gallon fetched .58 on Friday, down sharply from .84 a month ago, according to AAA. 2880

Following a three-month break from the campaign trail, President Donald Trump told reporters from the White House pool on Wednesday that he is planning to resume campaign rallies soon.An exact date and location for upcoming rallies isn’t available yet, but Trump said that he has visits to Oklahoma, Florida, Arizona, North Carolina on his schedule. Trump and rival Joe Biden were forced off the campaign trail in March as the coronavirus began to spread in earnest throughout the US.The CDC still recommends against large gatherings of 250 people or more,, and some states are still seeing an increase of coronavirus cases. One of those states is Arizona, where the state’s governor has told hospitals to prepare to go over capacity as the state is seeing a surge in coronavirus-related hospital stays.Trump’s announcement comes on the heels of reports that the Republican Party is planning on moving its convention to Jacksonville, Florida, from Charlotte, North Carolina, as the state’s governor would not commit to lifting a ban on mass gatherings at the time of the August event. 1092

Former United States President George H.W. Bush was honored with a state funeral Wednesday, drawing about 3,000 political figures, world leaders and family members to the National Cathedral in Washington, D.C. Numerous speakers marked the occasion with shared memories and kind words for the departed 41st president. PHOTOS: State funeral for George H.W. BushHere's what they had to say. 430

Fox News wants its biggest fans to sign up for a streaming service called "Fox Nation."The network is preparing to announce the new product on Tuesday morning, according to The New York Times.The Times said it will be a "stand-alone subscription service available without a cable package."The online channel is expected to start "by the end of the year," according to the report. The content will consist primarily of "right-leaning commentary, with original shows and cameos by popular personalities like Sean Hannity."A Fox News spokeswoman declined to comment ahead of Tuesday's announcement.But the Times story quoted John Finley, a senior vice president at the network, as saying that the "Fox Nation" service is "designed to appeal to the Fox superfan," the "folks who watch Fox News every night for hours at a time, the dedicated audience that really wants more of what we have to offer."Fox's existing contracts with cable and satellite providers limit how much it can stream shows like "Fox & Friends," "Special Report" and "Hannity." So the new product will have new programs."Fox Nation" is the product that the executives had in mind when they hired Tomi Lahren, a stand-out social media commentator, last summer.At the time, the network said Lahren would have a "signature role on an FNC digital product currently in development."Lahren and other Fox personalities will create programming for the streaming service."Fox Nation" is currently the name of the company's conservative opinion site. On Monday night, the site was temporarily taken offline. Now it just says "coming soon," ahead of the official announcement on Tuesday.According to the Times, Fox is still determining how much it will charge for a subscription.Fox's parent company 21st Century Fox is just like many other media companies. The executives are exploring new business models that take advantage of the direct-to-consumer attributes of the web.  1948

FLAGSTAFF — Steven Jones has pleaded guilty to manslaughter and three counts of aggravated assault in a 2015 deadly shooting in Flagstaff.As part of the agreement, Jones will be sentenced to between 5 and ten years in prison. He must serve at least 85 percent of the time.Steven Jones, a Northern Arizona University student at the time, opened fire on the group of people in 2015 after he says he was attacked over a small prank between two rival fraternities.The fight started after Jones and two pledges from his fraternity carried out a prank by ringing the doorbell of an apartment and running away. The prank set off a fight between Jones and students in the apartment from a rival fraternity, and Jones got punched in the face.RELATED: Body camera video reveals chaos of NAU shootingSan Diego native shot at Arizona college is homeJones admitted to shooting and killing Colin Brough but told police he did it out of self-defense. The prosecutors, however, said that Jones could have left the area and did not need to resort to using a weapon.Jones had said he went back toward the group and fired his gun, but he didn't mean to hurt anyone. He testified he fired several shots "to stop the immediate threat that was coming at me."The case originally went to a jury but was declared a mistrial in 2017 because a unanimous verdict couldn’t be released.Family of the victims in the shooting have reportedly agreed to the plea deal as well. A sentencing hearing is set for February 11. 1495