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Oil prices hit five-year low amid oversupply fears

U.S. oil prices hit nearly five-year low amid oversupply and economic slowdown fears, benefiting consumers but alarming producers

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U.S. oil prices hit nearly five-year low amid oversupply and economic slowdown fears, benefiting consumers but alarming producers

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In Short:
– U.S. oil prices are at their lowest in nearly five years, with futures at $56.99 per barrel.
– Consumers benefit from falling fuel prices, with gasoline averaging $3.057 per gallon, about 15 cents lower than last year.
A growing surplus of crude oil is driving U.S. oil prices to their lowest levels in nearly five years.
U.S. oil futures closed at $56.99 per barrel, reflecting a 2.2% drop on the day and a 19% decline compared to a year ago. This marks the lowest price since February 2021 and comes amid fears of a global economic slowdown.The decline benefits consumers, likely leading to lower prices for gasoline and other fuel types.

Retail prices for regular unleaded gasoline averaged $3.057 per gallon, about 15 cents lower than last year. In several states, prices have fallen below $3 a gallon, with the Energy Information Administration projecting a national average of $2.90 next year.

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U.S. oil producers are facing challenges with narrowing profit margins and job losses, despite record production levels surpassing 13.6 million barrels a day. The Organization of the Petroleum Exporting Countries (OPEC) is adjusting its production levels, anticipating a rise in demand next year while aiming to regain market share from U.S. and other producers.

Future Expectations

Chinese stockpiling has temporarily masked the oversupply, with imports up 3.9% in September.

However, rising tensions in the trade war between the U.S. and China are raising concerns about weakened global oil demand amid slowing economic growth.


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Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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UK police seek former aides’ insights on Prince Andrew

UK police contact ex-protection officers of Prince Andrew amid misconduct investigation linked to Jeffrey Epstein allegations

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UK police contact ex-protection officers of Prince Andrew amid misconduct investigation linked to Jeffrey Epstein allegations

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In Short:
– Police seek former protection officers of Prince Andrew for info on alleged Epstein-related offences.
– Authorities consider removing Mountbatten-Windsor from royal succession after investigation conclusions.
British police are reaching out to former protection officers of Prince Andrew Mountbatten-Windsor following his recent arrest related to allegations of misconduct in a public office.
The police have urged anyone with information about potential sex offences connected to Jeffrey Epstein to come forward.Authorities are considering legislative measures to remove Mountbatten-Windsor from the royal succession line once the investigation concludes. Any changes would require consultation with other realms where King Charles is head of state.

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The recent allegations stem from claims that Mountbatten-Windsor shared confidential government documents with Epstein during his time as a trade envoy. The London Metropolitan Police is now identifying former officers who may assist in the ongoing investigation and has encouraged them to share any pertinent information.

Mountbatten-Windsor has denied wrongdoing in the Epstein matter.

In 2022, he settled a civil lawsuit filed in the U.S. by Virginia Giuffre, who accused him of sexual abuse. Reports indicated he paid her approximately £12 million, a claim he denies.

Police Investigation

London authorities are reassessing previous decisions not to pursue criminal investigations related to Epstein’s activities.

Recent document releases from the U.S. government have prompted police to explore allegations of human trafficking involving Epstein at UK airports.

Police have been actively searching Mountbatten-Windsor’s residences as part of their investigation. His arrest marks an unprecedented event in modern royal history, raising significant public interest and concern in various countries.


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Supreme Court strikes down Trump’s tariffs, plans 10% global levy

Trump vows new 10% global tariff after Supreme Court rules against his previous tariffs, calling the decision ‘deeply disappointing’

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Trump vows new 10% global tariff after Supreme Court rules against his previous tariffs, calling the decision ‘deeply disappointing’

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In Short:
– The U.S. Supreme Court has ruled that Trump lacks authority for tariffs without Congress support.
– Over 1,000 refund lawsuits from importers complicate the tariff issue, particularly for smaller businesses.
The U.S. Supreme Court has ruled against President Donald Trump’s tariff policies, stating he lacks the authority to impose tariffs without clear congressional support. Trump expressed disappointment and plans to implement a new 10% global tariff under different legal provisions.
Economists estimate more than $175 billion is at risk of refunds related to previously established tariffs, with potential litigations expected to last several years.Trump’s administration faces over 1,000 refund lawsuits from importers in the Court of International Trade, which ruled it can grant refunds to affected businesses. Each importer may need to pursue individual lawsuits, complicating the process, especially for smaller businesses that could find the financial burden prohibitive.

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Learning Resources Inc., a toy company led by Rick Woldenberg, has contested these tariffs, potentially qualifying for refunds. Woldenberg hopes the Supreme Court ruling will initiate reflection on necessary economic adjustments.

Economic Impact

Economists suggest consumers may not notice significant changes due to persistent tariffs on numerous products. U.S. Treasury estimates predict the deputy’s revenue will remain largely unchanged despite Trump’s new plans to increase tariffs through other channels, specifically under Sections 122 and 301 of the Trade Act.

Trump’s forthcoming address to Congress is expected to address the implications of this ruling, which notably undermines a fundamental aspect of his trade agenda.

Despite past assurances regarding reform, uncertainties remain for both businesses and consumers as the administration explores future tariff strategies.


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Bill Gates withdraws from India AI Impact Summit before keynote

Bill Gates withdraws from India’s AI Impact Summit amid renewed scrutiny over past ties to Jeffrey Epstein.

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Bill Gates withdraws from India’s AI Impact Summit amid renewed scrutiny over past ties to Jeffrey Epstein.

Bill Gates has withdrawn from India’s AI Impact Summit just hours before his keynote, as scrutiny grows over his past ties to Jeffrey Epstein following the release of US Justice Department emails.

The summit has faced criticism over organisational issues and traffic disruptions, drawing attention away from its mission. Despite the chaos, it has secured over $200 billion in investment commitments, including a major pledge from Reliance Industries.

Indian Prime Minister Narendra Modi used the platform to stress the importance of protecting children in the rapidly evolving world of AI.

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