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Misery continues on Wall Street...Oil prices climb higher...Government reports new energy potential in Texas

December 7, 2018

UNDATED (AP) — Wall Street has capped a turbulent week of trading with the biggest weekly loss since March as traders fret over rising trade tensions between Washington and Beijing and signals of slower economic growth. The S&P 500 fell 62 points, or 2.3 percent, to 2,633. The Dow dropped 558 points, or 2.2 percent, to 24,388. The Nasdaq slid 219.01 points, or 3 percent, to 6,969. And the Russell 2000 gave up 29 points, or 2 percent, to end the day at 1,448.

UNDATED (AP) — Oil prices have risen after OPEC countries agreed to reduce global oil production by 1.2 million barrels a day for six months, beginning in January. The news pushed crude oil prices higher today. Benchmark U.S. crude rose 2.2 percent to $52.61 a barrel in New York. Meanwhile, Brent crude, used to price international oils, gained 2.7 percent to $61.67 a barrel in London.

ALBUQUERQUE, N.M. (AP) — Some of the largest energy companies in the U.S. have already invested billions of dollars on claims up and down the Texas-New Mexico state line, tapping one of the nation’s richest and most prolific oil and natural gas regions. Now, a new U.S. Geological Survey assessment shows that portions of the Permian Basin could hold even more promise ---- the potential to double the nation’s onshore oil and gas resources,

UNDATED (AP) — The government says U.S. employers added 155,000 jobs in November, a slowdown from recent months but enough to suggest that the economy is expanding at a solid pace despite sharp gyrations in the stock market. Also, according to the Labor Department, the unemployment rate remained at 3.7 percent, nearly a five-decade low, for the third straight month.

LOS ANGELES (AP) — California prosecutors say Amazon has agreed to stop selling foie gras in the state from birds that have been force fed after state lawmakers banned that form of the fatty duck and goose liver delicacy. A state judge approved a settlement between the online retailer, the Los Angeles County District attorney’s office and D.A.’s in Monterey and Santa Clara counties. Animal rights activists said the process is painful and cruel.

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