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Stock markets plunge...Oil prices tumble... US on pace to become world’s largest oil producer

July 11, 2018

NEW YORK (AP) — Global stock indexes sank today after the Trump administration released a list of $200 billion in goods that could be hit with tariffs and China said it would retaliate. The S&P 500 lost over 19 points, or 0.7 percent, to close at 2,774. The Dow dropped 219 points, or 0.9 percent, to 24,700. The Nasdaq fell 42 1/2 points, or 0.5 percent, to 7,716 and the small-cap Russell 2000 gave up 12 points, or 0.7 percent, to end the day at 1,683.

NEW YORK (AP) — Oil prices have tumbled partly because of the rising dollar and partly because Libya said it will start exporting oil again, a move that will increase supplies. Benchmark U.S. crude fell 5 percent to $70.38 a barrel in New York today. Meanwhile, Brent crude, used to price international oils, plunged 6.9 percent to $73.40 a barrel in London.

UNDATED (AP) — The U.S. is on pace to leapfrog both Saudi Arabia and Russia and reclaim the title of the world’s biggest oil producer for the first time since the 1970s. The latest forecast from the U.S. Energy Information Administration predicts that U.S. output will grow next year to 11.8 million barrels a day. Saudi Arabia and Russia could upend that forecast by boosting their own production.

CHARLESTON, W.Va. (AP) — The U.S. Drug Enforcement Administration has approved a rule change requiring drugmakers to identify a legitimate need for opioids to justify their production in an attempt to rein in their diversion for illicit purposes. The DEA says the final rule sent for publication in the Federal Register will consider the extent to which a legally prescribed drug is diverted for abuse when the agency sets its annual opioid production limits.

NEW YORK (AP) — Papa John’s founder John Schnatter is apologizing after reportedly using a racial slur during a conference call in May. His apology comes after Forbes cited an anonymous source saying the pizza chain’s marketing firm broke ties with the company afterward. In a statement from Papa John’s, Schnatter says reports attributing use of “inappropriate and hurtful” language to him were true. He says, “Regardless of the context, I apologize.”

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