Oil Extends Rally On Saudi Output Cut
Donald Trump’s Enablers Are ‘Jumping Off The Crazy Train’ On New York Daily News Cover
It’s the final stop for the Trump train.
The New York Daily News on Wednesday used a damning cover to mark the imminent end of President Donald Trump’s “off-the-rails reign.”
The newspaper previewed Congress’ formal certification of the Electoral College vote — and President-elect Joe Biden’s victory — later in the day with this front page headlined, “Jumping Off The Crazy Train.”
“Vice President Mike Pence has been tied to his boss for years,” the tabloid wrote. “Now he’ll have to break free Wednesday, just like previous President Trump enablers Mitch McConnell and Lindsey Graham have already done.”
Trump continues to deny reality by claiming that he won the 2020 election.
The outgoing president has in recent days piled the pressure on Pence to block Congress’ certification of the result.
The vice president has a ceremonial role in the transferal of power to the president-elect and reportedly has no plans to interfere with the certification.
RELATED…
Anticimex Recalls SMART Connect Mini Devices
Anticimex Inc. has recalled about 2,750 units of SMART Connect Mini Devices citing fire and injury risks, the U.S. Consumer Product Safety Commission said in a statement.
The recall involves the mini devices that serve as a communication hub connecting a system of digital pest control units. The affected device is a white, plastic-covered unit mounted to the wall and was connected to a power source and wireless network by licensed pest control technicians. The model number 300 110 Rev. C is located on the back of the device.
The products manufactured in Thailand were not sold in stores or online. They were installed as part of Anticimex’s pest control service monitoring from March 2020 through October 2020 for between $15 and $45 per month.
According to the agency, the device’s power supply can overheat while charging, and cause the plastic enclosure to fly off, posing fire and injury hazards.
The recall was initiated after the Berkeley Heights, New Jersey-based company received one report of a voltage regulator failure resulting in battery cell failure in a device at an Anticimex facility. No injuries have been reported.
Consumers are urged to immediately stop using the recalled devices. The replacement and installation of the new device will be free of charge.
Eric Trump Brutally Mocked On Twitter Over Bizarre Threat Against Republicans
Eric Trump, one of President Donald Trump’s three sons, made a threat against Republicans on Tuesday, but the attempt to intimidate was met with a mix of shrugs and mockery.
Trump, who helps to run the family business, vowed on Twitter that there would be primary challenges against Republicans who didn’t assist the president’s effort to subvert the election and block President-elect Joe Biden from taking office:
Trump made similar comments on Fox News:
So far, about a dozen Republican senators and 140 Republican members of the House plan to object to the certification of the election results on Wednesday amid false allegations of voter fraud.
Trump’s threat against the rest caused his name to trend on Twitter. But given that the president lost his reelection bid by more than 7 million votes ― and given that the Republican Party lost the House in the 2018 midterms and is now in danger of losing the Senate under his leadership ― the threat was roundly dismissed and openly mocked:
Gold Inches Higher On Stimulus Hopes
Gold edged higher on Wednesday after projections showed Democrats will win both runoff elections in Georgia to retake the U.S. Senate for the first time since 2015.
Unified control of government would allow Democrats to avert gridlock in Congress and give Biden a chance to enact his ambitious legislative agenda.
Spot gold rose 0.4 percent to $1,957.04 per ounce, while U.S. gold futures edged up 0.3 percent to $1,960.10.
The dollar hit its lowest level in nearly three years on expectations that a Democrat-controlled Senate would pave the way for a larger fiscal stimulus package.
Investors await the minutes of the U.S. Federal Reserve’s Dec. 15-16 policy meeting scheduled for release later today for further direction.
Oil Extends Rally On Saudi Output Cut
Oil prices rose on Wednesday, with Brent prices hitting a peak last seen 11 months ago, after Saudi Arabia surprised markets with a large cut in crude production.
Brent crude for March settlement rose 1.1 percent to $54.20 after climbing 4.9 percent on Tuesday. West Texas Intermediate futures for February delivery were up 0.7 percent at $50.30.
The de facto leader of the Organization of the Petroleum Exporting Countries has pledged to cut crude production by 1 million barrel per day from February through March as a rampant coronavirus leads to more lockdowns.
By agreeing to make bigger output cuts, Saudi Arabia tried to compensate for a modest increase in output from Russia and Kazakhstan.
Saudi Energy Minister Prince Abdulaziz bin Salman said hat the extra reduction was intended to support the country’s economy and the oil market.
Russia’s deputy prime minister described the Saudi pledge as a “new year gift” to the oil market.
Meanwhile, the American Petroleum Institute reported that U.S. crude inventories fell by 1.663 million barrels last week, after a draw of 4.785 million barrels the previous week. However, there were sharp jumps in gasoline and distillates stockpiles.