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The Department of Labor reported Thursday that 1.5 million Americans filed initial claims for unemployment during the week ending June 13, bringing a 13-week total to about 45 million claims.Thursday's figures were down about 58,000 from last week's unemployment filings.Weekly claims for unemployment have been falling for nearly three straight months after peaking at about 6 million a week in late March. But weekly unemployment claims remain historically high.Prior to the pandemic, the record high for weekly unemployment claims came in 2006, when 665,000 people filed for unemployment. The Department of Labor has been tracking the statistics since 1967.Economists often use weekly unemployment claims as a reliable tool when predicting unemployment. However, some surveys indicate that initial weekly claims may be underestimating the amount of those unemployed.At least one survey from the Economic Policy Institute found that millions of Americans gave up trying to seek benefits or didn't even attempt to due to states' overwhelmed and antiquated unemployment systems.Until recently, the stock market has been on a steady rise since March despite the staggering unemployment numbers. However, fears of the virus's resurgence caused the market to fall 600 points last week before recovering slightly this week. 1327
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 Environmental Protection Agency is widely expected to announce plans to change the definition of which waters in the United States are protected under the Clean Water Act on Tuesday -- a change President Donald Trump has been working toward since the beginning of his presidency.The EPA released a statement saying it would make a major water policy announcement on Tuesday.The announcement is expected to be a policy shift from former President Barack Obama's 2015 Waters of the United States regulation. Obama's rule changed the definition of which bodies of water the federal government had authority over to include streams and wetlands so that the government could ensure that those waterways remained pollution-free. It altered the definition from the initial one established by the EPA and Army Corps of Engineers in the 1980s.Obama's regulation was created under the Clean Water Act, which regulates discharges of pollutants into waters in the US. Under the Clean Water Act, it's illegal to discharge pollutants from a source into "navigable waters," according to the EPA. 1092
The first vote of my life We are here to serve We pray for every servant leader in the world ?? pic.twitter.com/UWSrKslCt1— ye (@kanyewest) November 3, 2020 178
The FBI has released new pictures of a North Carolina teenager who was abducted outside her home, and it is urging people to take a close look at surveillance video it says shows a suspect.Someone drove away with 13-year-old Hania Aguilar in an SUV that had been idling outside her Lumberton home Monday morning before school, authorities said, prompting police to issue an Amber Alert for her.The stolen SUV was found abandoned Thursday morning less than 10 miles from Hania's home at the Rosewood Mobile Home Park, authorities said.A missing persons poster that the FBI released late this week contains more pictures of Hania than were released initially.A reward for information that leads to her has risen to ,000, Lumberton police Chief Michael McNeill said Friday.The FBI has asked the public to examine video it says shows a man walking near Hania's home. 873
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