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Data: FactSet; Chart: Axios Visuals

Oil edged lower in overnight trading Monday after five straight weeks of gains, including a 5% rise on Friday, pausing after a record 88% increase from its low point in May.

What happened: Last month's surge brought oil back from negative pricing thanks in large part to increasing expectations for consumer demand to return and a deal to cut production by the Organization of the Petroleum Exporting Countries and major producers like Russia.

  • OPEC is now considering extending production cuts by one to three months.

Where it stands: U.S. West Texas Intermediate crude prices have remained above $35 a barrel, while global benchmark Brent crude prices are around $38 a barrel.

Go deeper: Google drops future AI oil extraction projects

Go deeper

Dion Rabouin, author of Markets
Aug 31, 2020 - Economy & Business

Durable goods orders may have peaked in July

Adapted from FRED and Investing.com; Chart: Axios Visuals

Manufactured durable goods orders rose 11.2% in July, far outpacing economists' expectations, and jumping for the third straight month. July's unexpected increase followed a 7.7% gain for durable goods in June.

What happened: The boom was largely the result of vehicle purchases, as orders for new cars and trucks jumped 22% after a nearly 24% gain the previous month.

Erica Pandey, author of @Work
37 mins ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

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