Crude oil is trading at its lowest levels in over five months as new cases of COVID-19 are rising globally, a bearish sign for the recovery of petroleum demand.
Why it matters: The stalled (and now reversing) price recovery is ominous for the industry, including indebted U.S. producers that were struggling even before the crisis. This year has brought a slew of bankruptcies.
On Nov. 4, the U.S. will have bailed (pretty sure that's the precise diplomatic term) on the Paris climate agreement, but the date's significance depends almost entirely on what happens a day earlier.
Driving the news: Wednesday marks a year since the Trump administration started the one-year countdown required under the pact's rules to formally abandon the deal, though President Trump first announced the plan back in 2017.
Expect Joe Biden to pursue the most aggressive climate-change plan in U.S. presidential history should he win the election.
Driving the news: A sea change would come to Washington, D.C., but the aspirations he laid out in his campaign are far higher than what political reality allows.
Super Typhoon Goni killed at least four people as it triggered flash flooding and power outages after twice making landfall in the southern region of the Philippines' main island of Luzon before weakening Sunday, per Reuters.
The big picture: Asia's most powerful typhoon of 2020, also known as Typhoon Rolly, caused nearly 1 million people to evacuate, the BBC reports. The Philippine weather bureau warned the storm remained a risk, with "catastrophic violent winds" and "intense to torrential rainfall" expected ahead of it moving south of Manila and out to the South China Sea by Sunday afternoon.
