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Photo: Benjamin Lowy/Getty Images

The Energy Information Administration's new monthly outlook cuts a lot — $11-per-barrel! — from their 2019 average oil price forecast. They now see Brent crude averaging $61 and WTI averaging $54.

Why it matters: Analysts are often playing catch up, and the big revision is a sign of how quickly the oil market can shift, as OPEC and Russia respond to the rise of U.S. shale and analysts weigh signs of softening global demand and other forces.

  • It also signals that EIA, for now, does not see the new OPEC+ production-cutting deal as putting much upward pressure on prices.

What they're saying: "Market uncertainty during November appears to have contributed to levels of price volatility for Brent and West Texas Intermediate crude oils not seen in several years," EIA administrator Linda Capuano said in a statement.

  • EIA says the recent big declines in Brent prices stem from record output among the world's largest producers and concerns about weaker demand.

The latest: Crude prices are climbing Wednesday as the market responds to signs of declining inventories.

  • "The American Petroleum Institute, an industry group, reported late Tuesday that U.S. stockpiles of crude oil had reduced by 10.2 million barrels last week," the Wall Street Journal reports.

Go deeper: EIA cuts Brent, WTI 2019 forecasts nearly $11/b amid supply glut (S&P Global Platts)

Go deeper

Jack Dorsey stepping down as Twitter CEO

Photo: Joe Raedle/Getty Images

Jack Dorsey is stepping down as CEO of Twitter, the company announced Monday. He will be succeeded by CTO Parag Agrawal, effective immediately.

The big picture: Dorsey is also the CEO of financial payments company Square, which he co-founded in 2009, and has become a crypto evangelist in recent years.

Tracking the pandemic's unequal impact

Expand chart
Data: Morning Consult/Axios; Chart: Will Chase/Axios

The pandemic was bound to hit the most economically vulnerable among us the hardest. New polling data from Morning Consult, out this morning, shows the degree to which those difficulties were more concentrated among people of color.

Catch up quick: The Morning Consult/Axios Inequality Index has tracked the economic experience of adults in three wage groups since May 2020. We began publishing the findings in May of this year, and six months in, we’re slicing the data a little differently — and looking at inequality between ethnicities.

4 hours ago - Health

WHO says Omicron poses "very high" risk

World Health Organization Director-General Tedros Adhanom Ghebreyesus speaking in Geneva in October. Photo: Fabrice Coffrini/AFP via Getty Images

The World Health Organization said Monday in a new risk assessment that it believes the COVID-19 Omicron variant poses a "very high" risk to the globe because it may be more transmissible than other strains of the virus.

Why it matters: Though the WHO acknowledged there are still many uncertainties associated with the variant, the agency said it believes the likelihood of potential further spread of Omicron around the world is "high."

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