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Crude oil's wild week

Ben Geman, author of Generate

Oil prices are inching upward Friday after a week of steep losses, including the year's biggest one-day decline on Thursday.

Why it matters: The declines signal jitters about economic headwinds, notably the trade dispute between the U.S. and China, slowing demand growth.

What they're saying: "The uncertainty around trade negotiations is adversely impacting financial markets of all sorts including equities and certainly oil futures," Marshall Steeves of Informa Economics tells MarketWatch.

  • "Without a resolution to the ongoing trade dispute quickly, which now looks very unlikely, oil could struggle to push higher," the London Capital Group's Jasper Lawler said via Reuters.

Where it stands: Crude prices are at their lowest levels in roughly 2 months, with WTI trading around $58.55 and Brent at $67.39.

Go deeper: Oil traders fear déjà vu as prices skyrocket

Go deeper

Alayna Treene, author of Sneak Peek
3 mins ago - Politics & Policy

Breaking Biden's diplomatic logjam

Expand chart
Data: Center for Presidential Transition via Congress.gov; Chart: Will Chase/Axios

The logjam for reviewing and confirming President Biden's ambassadorial picks is finally starting to break.

Why it matters: Biden is far behind his predecessors in the rate at which his ambassadorial picks have been confirmed. The Senate Foreign Relations Committee will hold a series of high-profile hearings and votes this week to finally begin chipping away at the backlog.

Go deeper (1 min. read)Arrow
Hans Nichols, author of Sneak Peek
10 mins ago - Politics & Policy

Democrats brace for staredown over paid family medical leave

House Ways and Means Committee Chairman Richard Neal. Photo: Win McNamee/Getty Images

Senior House Democrats are braced for battle with the Senate over whether paid family medical leave — a key priority for progressives — will be included in President Biden’s final budget reconciliation bill, lawmakers and aides tell Axios.

Why it matters: Sen. Joe Manchin (D-W.Va.) has indicated he wants to cut the program to reduce the bill's price tag. “Paid family and medical leave must be in the final package,” Rep. Richard Neal (D-Mass.), chairman of the House Ways and Means Committee, told Axios on Monday.

Go deeper (1 min. read)Arrow
Dave Lawler
43 mins ago - World

Poland showdown is EU's Jan. 6 moment, top official says

Didier Reynders. Photo: Thierry Monasse/Getty Images

Poland and Hungary have forced a moment of reflection on the European Union — similar to the one in the U.S. after the Jan. 6 insurrection, EU Justice Commissioner Didier Reynders told Axios.

What he's saying: "During many years, we have had in our minds that it was granted that if you are a member of the EU, of course you apply the rule of law; you have full respect for democracy, fundamental rights and so on — maybe with some concerns but with a real intention to adapt your legislation to be in full compliance [with EU law]," Reynders said.

Go deeper (1 min. read)Arrow