Photo: Don Emmert/AFP/Getty Images

Crude oil prices ticked up a little in Monday trading, but not nearly enough to erase the losses from Friday, when a drop of several dollars put an exclamation point on a roughly seven-week decline, per Reuters.

Why it matters: As we wrote on Friday, the price declines will fuel the already intense focus on the Dec. 6 OPEC meeting, where the cartel and allied producers — notably Russia — will decide on potential output cuts aimed at tightening the market.

The intrigue: President Trump has recently been celebrating the price declines and putting public pressure on Saudi Arabia to keep prices low — at the same moment he's signaling a hands-off approach, for now, over the murder of journalist Jamal Khashoggi.

Speaking of oil and the Saudis, Bloomberg chatted with Saudi Aramco CEO Amin Nasser about the state oil giant's investment plans . . .

  • "The world’s biggest oil exporter is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects," they report.
  • That's over above plans to spend roughly $70 billion on a majority stake in Sabic, the big Saudi chemical company.

The bottom line: As the Bloomberg piece notes, it's part of the kingdom's effort to diversify its economy, which is heavily reliant on crude oil sales.

Go deeper

Supreme Court won't block Rhode Island's eased absentee voting rules

Photo: Robert Nickelsberg/Getty Images

The Supreme Court said Thursday that it will not block Rhode Island's move to ease its requirements for absentee voting during November's election.

Why it matters: The decision is a loss for Republicans, who had requested an emergency order as the state is expected to begin mailing out its ballots.

Breaking down Uber and Lyft's threat to suspend services in California

Illustration: Lazaro Gamio/Axios

Uber and Lyft are ratcheting up the fight with California’s state government over the classification of drivers with a move that would deprive Californians of their ride-hailing services (and halt driver income).

Driving the news: On Wednesday, both companies said that if a court doesn’t overturn or further pause a new ruling forcing them to reclassify California drivers as employees, they’ll suspend their services in the state until November’s election, when voters could potentially exempt them by passing a ballot measure.

Trump announces normalization of ties between Israel and UAE

Israel Prime Minister Netanyahu, Trump and UAE Crown Prince Mohammed bin Zayed. Photo: Artur Widak/NurPhoto; Samuel Corum; Odd Andersen/AFP via Getty Images

President Trump announced a "historic" deal Thursday which will see Israel and the UAE open full diplomatic relations and Israel suspend its annexation plans in the West Bank.

Why it matters: This is a major breakthrough for Israel, which lacks diplomatic recognition in many Middle Eastern countries but has been steadily improving relations in the Gulf, largely due to mutual antipathy toward Iran.