Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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.