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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.

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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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Ex-prosecutor demands congressional investigation after latest report on the FBI and Brett Kavanaugh

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Supreme Court Justice Brett Kavanaugh had another allegation of sexual misconduct revealed on Saturday in a bombshell report in The New York Times.

"A classmate, Max Stier, saw Mr. Kavanaugh with his pants down at a different drunken dorm party, where friends pushed his penis into the hand of a female student. Mr. Stier, who runs a nonprofit organization in Washington, notified senators and the F.B.I. about this account, but the F.B.I. did not investigate and Mr. Stier has declined to discuss it publicly," the newspaper reported.

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Boris Johnson promises Britain will be like the Incredible Hulk during Brexit negotiations

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Prime Minister Boris Johnson said Saturday he was making a "huge amount of progress" towards a Brexit deal with the EU, in an interview in which he compared Britain to the Incredible Hulk.

"It's going to take a lot of work between now and October 17" when EU leaders gather for their final summit before Britain's scheduled exit from the bloc, he told the Mail on Sunday newspaper.

"But I'm going to go to that summit and I'm going to get a deal, I'm very confident. And if we don't get a deal then we'll come out on October 31."

His comments came ahead of talks with European Commission chief Jean-Claude Juncker and the EU's chief Brexit negotiator, Michel Barnier, in Luxembourg on Monday.

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NYT blasted for ‘spectacularly offensive sentiment’ after tweet illustrating ‘rape culture’

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The results of a 10-month investigation into Supreme Court Justice Brett Kavanaugh by New York Times reporters Robin Pogrebin and Kate Kelly was published on Saturday.

But attention was taken away from the powerful reporting after the Twitter account of The Times opinion page posted a shocking message.

"Having a penis thrust in your face at a drunken dorm party may seem like harmless fun," read the tweet.

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