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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

10 hours ago - Politics & Policy

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

12 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios