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Oil prices hit 5-year low

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Crude oil prices fell to a five-year low Monday with analysts blaming expectations of more bad news for demand due to slower economic conditions.

US crude benchmark West Texas Intermediate for February delivery lost $1.12 to finish at $53.61 a barrel after holding in the $56 range for nearly two weeks.

Brent crude for February delivery, the London benchmark, fell 57 cents from Friday’s close to $57.88.

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Both last traded at those levels in May 2009.

Analysts said traders were girding for more downward pressure stirred up by the impact of Greece’s political situation on the European economy, expected poor numbers on China’s industrial sector, and another possible increase in US stockpiles.

“It’s a very bearish environment out there,” said John Kilduff of Again Capital.

Prices were stronger in early trade Monday on signs that Libyan output could be cut back due to storage tanks fires amid clashes between government and militia forces, but that had little lasting impact on the market, noted Kilduff.

Bob Yawger of Mizuho Securities said there were other short-term causes for the fall, including US storage tank operators trying to lower their holdings for end-of-year tax reasons.

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Jill Stein wants to block Philly’s new voting machines — PA elections official says that would cause chaos

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You can own a private island off the Jersey Shore for just $200K

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If you ever wanted to own property at the Jersey Shore, now you can — but not just any property. A whole island.There’s a 19-acre private island for salethat costs less than some condos at the shore.For $200,000, No Man’s Island — just north of West Wildwood — can be yours. The completely undeveloped piece of land is located in the Grassy Sound in Middle Township between the mainland and the barrier island of the Wildwoods.A video tour of the island, taken by boat and drone and posted online by its owner, shows an untouched, marshy oasis in the middle of the bay, just south of the North Wildwo... (more…)

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Former Detroit mayor Kwame Kilpatrick still in limbo as Trump pardons 11 others

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DETROIT — As President Donald Trump granted relief Tuesday to 11 white-collar criminals, no word came from the White House regarding the fate of Kwame Kilpatrick — Detroit’s imprisoned ex-mayor who is also hoping for some Oval Office intervention.Kilpatrick, with the help of millionaire friend Peter Karmanos, sought clemency from Trump last year, hoping the president will commute his 28-year prison sentence stemming from his 2013 public corruption conviction.As of now, Kilpatrick isn’t eligible for release until 2037. If Trump doesn’t intervene, the former mayor will be 67 years old when he ge... (more…)

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