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

A wild weekend for Microsoft's play for TikTok

Illustration: Aïda Amer/Axios

While its Big Tech rivals were testifying in front of a congressional antitrust committee last week, Microsoft was negotiating what could be the largest — and most politically perilous — tech acquisition of 2020.

The state of play: The hullabaloo surrounding Microsoft picking up TikTok has undergone a flurry of twists and turns over the weekend, as both the White House and the tech giant reacted in real time.

XFL sold to group that includes Dwayne "The Rock" Johnson for $15 million

Photo: Abbie Parr/Getty Images

The XFL sold Monday for $15 million to a group that includes former WWE star Dwayne "The Rock" Johnson, Sportico reports.

The state of play: The move does not necessarily mean the upstart football league is returning.

2 hours ago - Sports

Pac-12 football players threaten coronavirus opt-out

Illustration: Eniola Odetunde/Axios

A group of Pac-12 football players have threatened to opt out of the season unless the conference addresses systemic inequities and concerns related to the coronavirus pandemic.

Why it matters: College football players have never had more leverage than they do right now, as the sport tries to stage a season amid the pandemic. And their willingness to use it shows we've entered a new age in college sports.