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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.

Scoop: Trump-backed Perdue says he wouldn’t have certified Georgia 2020 results

Perdue at a December 2020 campaign event in Columbus, Ga. Photo: Elijah Nouvelage/Getty Images

Georgia gubernatorial candidate David Perdue wouldn’t have signed the certification of the state’s 2020 election results if he had been governor at the time, the former Senate Republican told Axios.

  • “Not with the information that was available at the time and not with the information that has come out now. They had plenty of time to investigate this. And I wouldn’t have signed it until those things had been investigated and that’s all we were asking for," he said.

Why it matters: There has been no evidence widespread fraud took place in Georgia's elections last year and the November results were counted three times, once by hand.

Beijing Olympics: These countries have announced diplomatic boycotts

Photo: Zhang Qiang/VCG via Getty Images

Several countries, including Canada and Australia, have announced they will join the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympics to protest human rights abuses committed by China's government.

Driving the news: Leaders have faced pressure from human rights groups and others to boycott the Games, pointing to the ongoing genocide of Uyghurs and other Muslim minorities in China's Xinjiang region and other abuses.

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