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President-elect Joe Biden on Jan. 14 will unveil a $1.9 trillion COVID-19 relief package, according to two people familiar with the matter, setting up his first legislative test in the face of a split U.S. Senate and a deteriorating economy.

Applications for U.S. state unemployment benefits surged last week by the most since late March, pointing to persistent labor market pain as coronavirus infections continue to soar and potentially adding to momentum for a larger federal stimulus plan.

The world’s appetite for U.S. diesel is falling, leaving stockpiles of the fuel at their highest level since early October.

Incoming Senate Majority Leader Chuck Schumer has pressed President-elect Joe Biden to propose more than $1.3 trillion in spending for his initial round of COVID-19 relief, according to a person familiar with the matter.

The incoming Biden administration faces a U.S. economy that appears to be slowing as COVID-19 cases surge.

Saudi Arabia reduced crude oil supplies to at least 11 refiners in Asia and most buyers in Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March.

A key measure of prices paid by U.S. consumers cooled in December from a month earlier as slack in the labor market and muted demand helped keep inflation pressures tame.

Oil fell as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.

President-elect Joe Biden’s plan to pass a multitrillion-dollar economic stimulus package early in his administration faces challenges in a closely divided U.S. Senate, with a potential impeachment trial for Donald Trump that could add to delays.

The U.S. labor market lost jobs in December for the first time in eight months, yet transportation-related businesses showed solid growth, the Labor Department said Jan. 8.