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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 Cinemark Theater in Towson, Maryland was packed with people who came for what they call the biggest movie of the year, and then they were turned away."I arrived at the theater and they were telling me all of the 'Black Panther' shows were canceled," Miya Henry said.Not what moviegoers who've been waiting months for Marvel's highly anticipated "Black Panther" film wanted to hear."We've been all excited, I took off of work tonight so I'm a little disappointed," Brandie Garland said.Several showings were turned away because of what moviegoers say was a malfunction with the film."There was a long refund line so everyone who purchased a ticket in support of the movie are now getting their money back," Garland said. "Originally when we got to the box office they were saying they were having some difficulties, but they said it wouldn't be an issue they were pretty sure the movie was going to show."But there was an issue according to dozens of tweets we found where Cinemark openly apologized for the inconvenience.We’re very sorry for this inconvenience. Was a theatre manager able to assist with a refund? If not please let us know more at https://t.co/tfn4khl2Bc or call at 1-800-246-3627 so we can further assist. Thank you and we do apologize again.— Cinemark Theatres (@Cinemark) February 16, 2018 1341
The brother of the accused Parkland shooter has been involuntarily committed to a mental facility, sources tell Scripps station WPTV in West Palm Beach, Florida.Nikolas Cruz’s brother was involuntarily committed to a mental institution, under Florida's Baker Act.The Palm Beach County Sheriff’s Office detained Cruz Friday afternoon, according to sources. The Broward Sheriff’s Office placed the Baker Act on Cruz. Under Florida's Baker Act, an adult can be held for an involuntary exam for up to 72 hours under the law. Anyone 17 or younger can be help for up to 12 hours.This is a developing story. More information will be posted once available. 692
The Duke and Duchess of Sussex have released several official photographs taken on their wedding day by renowned fashion and portrait photographer Alexi Lubomirski.The photographs were taken on Saturday afternoon at Windsor Castle shortly after the couple returned from their two-mile carriage procession around the town.In one photograph, the newly-married couple are joined by the Queen, the Duke of Edinburgh, the Prince of Wales and Duchess of Cornwall, the Duke and Duchess of Cambridge and Meghan's mother, Doria Ragland. The group are surrounded by the page boys and bridesmaids.Another photograph, also taken in the Green Drawing Room at Windsor Castle, is a little less formal with the couple and just the children. 732
The calendar just turned to November but some companies are already in the Christmas spirit. Starbucks and McDonald's have already released their 2017 holiday cups.Starbucks scrapped its traditional red design for a DIY cup. There's a stack of presents, a Christmas tree, doves, two people holding hands and lots of white space. Customers are encouraged to color the cups themselves. 412