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Photo: Katja Buchholz/Getty Images

Oil prices lost more ground Friday morning, the latest declines in a remarkable 10-week slide that's greased by concerns about softening demand and, thus far, largely resistant to OPEC's pledge to tighten the market.

The latest, per Reuters: "Oil prices fell to their lowest since the third quarter of 2017 on Friday, heading for losses of more than 10 percent in a week, as global oversupply kept buyers away from the market ahead of the long festive break."

  • Brent crude is trading at $53 around the time went this newsletter, while the U.S. benchmark WTI is in the mid-$45 range.

Threat level: The Houston Chronicle has a good look at the stakes for companies and workers in Texas, where shale production is surging, if WTI stays below $50 per barrel for an extended period.

  • The bottom line: "At $50 a barrel, growth flattens, energy economists said, and below $50, companies begin to scale back spending and hiring. If prices fall below $40, then another prolonged downturn could take hold."

What's next: Via MarketWatch, a price rebound could be in the offing.

"Oil's on track to suffer its worst quarterly loss in four years, but analysts expect prices for the commodity to give way to higher prices in 2019 as investment in the market and crude production slows," writes Myra Saefong.

The intrigue: The steep slide in prices since early October, back when Brent reached $86 per barrel, means that what seemed impossible just weeks ago now looks very possible.

Go deeper

14 mins ago - Economy & Business

Ships search for green fuels to keep oceans blue

Illustration: Eniola Odetunde/Axios

The world's maritime industry — from ferries to freighters — is trying to navigate a once-in-a-century transition away from fossil fuels to new, cleaner means of propulsion.

Why it matters: International shipping is key to the world's economy, responsible for 90% of global trade. But the vessels burn about 4 million barrels of oil a day, accounting for almost 3 percent of the world's carbon emissions, and regulators are demanding they clean up their act.

Updated 3 hours ago - Politics & Policy

Hours-long reading of 628-page COVID relief bill delays Senate debate

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

The Senate on Thursday voted 51-50 — with Vice President Kamala Harris breaking the tie — to proceed to debate on President Biden's $1.9 trillion coronavirus rescue package, likely setting up a final vote this weekend.

The state of play: Sen. Ron Johnson (R-Wis.) forced Senate clerks to read the entire 628-page bill on the floor, which took nearly 11 hours and lasted until 2:04 a.m. on Friday. The Senate is set to return at 9 a.m. to debate the bill before considering amendments, which could drag into the weekend.

4 hours ago - Health

Cuomo advisers reportedly altered July COVID-19 nursing homes report

New York Gov. Andrew Cuomo. Photo: Seth Wenig/AFP via Getty Images

New York Gov. Andrew Cuomo's advisers successfully pushed state health officials to exclude certain data on the number of COVID-19 nursing home deaths from a July report, the Wall Street Journal reported late Thursday.

Why it matters: The changes resulted in a "significant undercount of the death toll attributed to the state’s most vulnerable population," the WSJ wrote.