News in brief

U.S. oil prices fall below $90 a barrel

Oil prices continued to fall Thursday, with U.S. oil futures dipping below $90 a barrel for the first time since the war in Ukraine began, as concerns about a slowing global economy worried investors.

Just two months ago, oil prices surpassed $120 a barrel, helping to push the national average price of gasoline to about $5 a gallon. But prices have steadily decreased with increased oil production, easing demand and broader recession fears.

“The biggest driver of this dip is really the fact that investors are turning their attention to the possibility of a recession and how that could impact demand,” said Faisal A. Hersi, an energy analyst at Edward Jones.

West Texas Intermediate oil, the U.S. benchmark, fell Thursday to $89.50, a 27.6% drop from its peak in March of about $124 dollars a barrel. Brent crude, the international benchmark, dipped to $93.64, nearly 27% from its high of $127.9 dollars a barrel in March.

On Wednesday, the Organization of Petroleum Exporting Countries cartel agreed to increase production by 100,000 barrels a day in September, a small amount compared with the 650,000 added in July and August.

— The New York Times

Arkansas sets $3.3M for worker training

Arkansas is spending $3.3 million to enhance workforce training to support broadband expansions across the state.

The Office of Skills Development, a division of the Arkansas Department of Commerce, has been working for several months to create curriculum for worker training, identify costs and secure funding for the project. Creating a skilled workforce to install new infrastructure is an important step in supporting broadband expansion, officials said.

“Now that we are making strides to bring broadband to every corner of the state, we need workers to build and implement the infrastructure,” Gov. Asa Hutchinson said in announcing the investment. “Today … we celebrate the creation of high-tech jobs in a growing sector.” Training will be conducted through Arkansas State University at Three Rivers, the University of Arkansas at Cossatot and University of Arkansas Community College in Morrilton.

— Andrew Moreau

Index down by 4.62 to end day at 790.30

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 790.30, down 4.62.

“Equities closed moderately unchanged as investors digested recent market gains and Federal Reserve commentary while debating the prospects of a soft landing in the economy following recent rate hikes,” said Leon Lants, managing director at Stephens Inc.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

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