US Economy
Oil prices slide in lockdown-driven rout
Oil prices dived Thursday on demand fears as more nations go into lockdown to staunch the spread of the coronavirus, while stock prices attempted a modest rebound. Both main oil contracts fell five percent for part of the day before clawing back some of their losses, extending this week’s meltdown to plumb four-month lows on virus-driven demand fears. “The new lockdowns have since yesterday caused a carnage in the oil market,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. “Oil demand will lose ground as a result of the new lockdowns… Prices now naturally decline on this grim prospect,” he added. The drop in oil prices will increase the pain on oil companies. Exxon Mobil announced Thursday it was eliminating 1,900 US jobs as part of a cost-cutting drive necessitated in part ...
Mike Pence spokeswoman tests positive for spokesperson
The US vice president’s spokeswoman became the second White House staff this week to test positive for the coronavirus, officials said Friday, even as President Donald Trump continued to go mask-free at a World War II commemoration with veterans in their 90s. News that staffer Katie Miller had fallen ill boosted fears that the White House is at risk of becoming a viral hot spot just when Trump is leading efforts to wind down nationwide quarantine measures that have devastated the world’s biggest economy. Miller is spokeswoman for Vice President Mike Pence, giving her frequent access to high-level meetings. She is also married to top Trump aide Stephen Miller, the speech writer behind the administration’s hardline immigration measures. A senior administration official initially said only th...
