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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 Bureau of Labor Statistics says that the hospitality industry has been among the hard-hit during the coronavirus pandemic. But some are using the pandemic to test out new adventurous revenue streams amid the pandemic.With the industry severely impacted, there is an opportunity for hotels to monetize its space.HotelsByDay, a company that allows customers to use hotel rooms during daytime hours, lost 80% of its business during the height of the pandemic. But as many workers are unable to return to the office, some are booking rooms as officers.The company is now down 40%, with many clients booking rooms for work purposes.“It would be a lot more adventurous and can really test out every single possibility to monetize their hotel,’ Yannis Moati, the CEO of HotelsByDay said. “Not just with rooms, but with every single corner of the hotel.”According to the BLS, nearly half of all hospitality industry jobs were lost in April, with hotels losing 0 million a day. Six out of 10 hotel rooms were empty early in July. 1035

The Connecticut Supreme Court has vacated Michael Skakel's conviction in a decades-old murder case and ordered a new trial.The ruling is the latest in a long legal battle waged by Skakel, 57, the nephew of Robert and Ethel Kennedy, who was accused of brutally killing a teenaged girl in 1975.He served about half of a 20-year sentence but was freed on bond in 2013, when the courts first ordered a new trial.The court ruled that Skakel's attorney, Michael Sherman, "rendered ineffective assistance" by failing to identify an alibi witness for his client, and that as a result, Skakel was deprived of a fair trial.Prosecutors can choose to retry Skakel, according to the decision, but the defense would now have the benefit of that alibi testimony. The prosecutor's office was not immediately available for comment.Authorities said Skakel was 15 when he killed his neighbor Martha Moxley, also 15. 904

The FBI has located human remains in the wreckage of the Horizon Air plane that crashed Friday after it was stolen and flown by an airport worker."While the focus of our investigation thus far has centered on Richard Russell, 29, of Sumner, Washington, the FBI is awaiting the results of a review by the Pierce County Medical Examiner's Office," FBI Seattle said in a statement.Authorities said Russell took off in the stolen plane at Seattle-Tacoma International Airport on Friday night, flew for about an hour with military jets chasing him and crashed the 76-seater on a heavily wooded island.The flight data recorder and components of the cockpit voice recorder have been recovered and are with the National Transportation Safety Board, according to the FBI. 770

The excitement of two COVID-19 vaccines with more than 90 percent efficacy is undeniable.In November, both Pfizer and Moderna announced its scientists had developed vaccines with efficacy at or near 95 percent, but scientists are warning these vaccines are not the "silver bullet" to ending the pandemic.“We don’t want to give the public the impression that there’s an emergency use authorization and these vaccines become available in a small amount in December and we can go back to our pre-pandemic behavior,” said William Moss, executive director of the International Vaccine Access Center at Johns Hopkins.In June, the FDA released its vaccine guidelines, saying it would consider emergency use authorization for any vaccine testing with at least 50 percent effectiveness, so there is a reason for celebration, according to Moss, but only after certain questions about the vaccine are answered.Dr. Anthony Fauci has said the initial vaccines will prevent symptoms in those who become infected, rather than kill the virus itself. Moss says that means immunized people might be able to spread COVID-19 to others.He also wonders how long immunization will last. One year? Three years? Will booster doses be needed? They're all careful considerations that will only emerge once one is put into play, according to Moss.“It’s obviously tragic that the [COVID] cases are occurring that quickly, but it does help a vaccine trial because otherwise you just have to wait that much longer for samples to come in,” said Moss.The vaccine process has innovated how scientists and researchers approach these types of situations, however, according to Moss.In traditional vaccines, a small dose of the virus is injected into the body so the immune system can create antibodies. In the COVID-19 vaccine, though, both Moderna and Pfizer have used what is called messenger RNA (mRNA) where the virus’ genetic code is injected into the body so it can instruct cells on what antibodies to produce. Scientists say this way is faster, safer, and can create a stronger immune response as people are not exposed to the virus.“I suspect that if this all goes well and these vaccines are safe and continue to demonstrate 90 to 95 percent efficacy, we’re going to see other vaccines of a similar type,” said Moss. 2298

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