Illustration: Rebecca Zisser/Axios

Apple's big reveal yesterday that China's economic slowdown will dampen revenues shows one reason why oil prices face headwinds despite OPEC's move to dial back production.

Why it matters: The tech giant's warning points to economic clouds that could also affect other sectors — including oil, which is already under pressure from rising U.S. supplies.

  • "The slowdown in China and turmoil in stock and currency markets appears to be making investors nervous, including in oil markets," Reuters notes.

Where it stands: China is the world's largest oil importer, and this report comes on the heels of data showing a slowdown in manufacturing.

But, but, but: Prices are rising this morning after declining in the pre-dawn hours. WTI crude is trading at around $47.33 and Brent moved up to $56 as we sent this newsletter.

The big question: One thing to watch is whether the OPEC efforts can overcome worries about the global economy.

  • “We really do need a sustained effort from some of the OPEC producers to take supply out of the market in order for prices to recover,” Jefferies analyst Jason Gammel tells Bloomberg. “Now we’re starting to see that."

Threat level: Another factor that could influence oil markets are signs that President Trump is picking up where he left off last year — pressuring OPEC to keep prices low, even though Saudi Arabia and other petro-states want higher returns.

  • During yesterday's cabinet meeting, Trump claimed credit for the steep decline in prices since early October.
  • “I called up certain people and I said, let that damn oil and gasoline, you let it flow — the oil,” Trump said (h/t to Vox’s Aaron Rupar and Bloomberg’s Javier Blas for flagging).
  • Side note: Trump is still inaccurately conflating Brent and WTI prices, noting prices went from over $80 a few months ago to the mid-$40s now, but the former is Brent and the latter is WTI.

Be smart: A note from the Rapidan Energy Group flags Trump’s penchant for verbal and Twitter remarks toward OPEC as something to watch in oil markets, alongside the possibility that he could back “NOPEC” legislation to go after the cartel using U.S. antitrust laws. The note states:

Trump’s shift in policy and rhetoric, from preventing oil price spikes to pursuing low pump prices (which he views as an extra ‘tax cut’), constitutes an important and related development that will induce OPEC+ producers to accept lower prices than they would otherwise prefer — closer to $60 average Brent than $70 or higher.

What's next: The Energy Information Administration (EIA) will release its latest data on domestic oil stockpiles late Friday morning.

Go deeper: Other companies are feeling the heat in China's slowing market

Editor's note: This post has been updated to note that the release of EIA's data will take place Friday morning, not Thursday morning.

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Senate to vote on Amy Coney Barrett's confirmation on Oct. 26

Senate Majority Leader Mitch McConnell in the Capitol on Oct. 20. Photo: Stefani Reynolds/Getty Images

The Senate will vote to confirm Judge Amy Coney Barrett to the Supreme Court next Monday, Oct. 26, Majority Leader Mitch McConnell (R-Ky.) announced Tuesday.

The big picture: The Senate Judiciary Committee will vote this Thursday to advance Barrett's nomination to the full Senate floor. Democrats have acknowledged that there's nothing procedurally they can do to stop Barrett's confirmation, which will take place just one week out from Election Day.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Meadows confirms Trump's tweets "declassifying" Russia documents were false

Photo: Tom Williams-Pool/Getty Images

White House Chief of Staff Mark Meadows confirmed in court on Tuesday that President Trump's tweets authorizing the disclosure of documents related to the Russia investigation and Hillary Clinton's emails "were not self-executing declassification orders," after a federal judge demanded that Trump be asked about his intentions.

Why it matters: BuzzFeed News reporter Jason Leopold cited the tweets in an emergency motion seeking to gain access to special counsel Robert Mueller's unredacted report as part of a Freedom of Information Act request. This is the first time Trump himself has indicated, according to Meadows, that his tweets are not official directives.