Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
David Marcus, the head of Facebook's digital currency project, said the company expects Libra will drive more advertising revenue for the company.Technologyread more
Both companies report earnings on Aug. 8, so the CBS and Viacom boards have set that as a natural deadline to agree to a merger. Price won't be discussed by the companies...Technologyread more
The Food and Drug Administration "stands ready" to start reviewing e-cigarettes amid a teen vaping "epidemic," acting Commissioner Ned Sharpless said Monday in a statement.Health and Scienceread more
The Guggenheim CIO says he had been approached by the White House about possibly joining the Federal Reserve.The Fedread more
Joe Lonsdale says his fellow Palantir co-founder Peter Thiel was "courageous" for speaking out against Alphabet's Google.Technologyread more
Wall Street analysts say it is increasingly possible the Trump administration will try using a stronger weapon in the currency wars than just presidential tweets.Market Insiderread more
Hedge fund buying may be partly behind the recent rebound in battered oil prices, former Shell Oil President John Hofmeister told CNBC on Tuesday.
"I think some [hedge funds] are already starting to buy because the price is so low," he said in a "Squawk Box " interview. "And why would they miss this opportunity at these prices."
U.S. crude prices were higher again Tuesday—breaking above $50 a barrel for the first time in two weeks, after gaining more than 11 percent in the previous two sessions.
"The biggest unknown is the demand side, and what's the growth going to be this year," Hofmeister said. "I projected in my own calculations. The surplus will probably continue through midyear."
Hofmeister sees oil prices at $50 to $60 a barrel until summer. "Then hedge funds will start [really] buying lots of oil, setting it in tankers," he predicted, "so they can make a lot of money."
BP Chief Executive Officer Bob Dudley was more reserved—warning on CNBC Tuesday of $50 oil for a while. BP also announced a quarterly charge of $3.6 billion on the back of tumbling energy prices and a cut in capital expenditures by 13 percent to $20 billion in 2015.
"The capital cuts don't just affect 2015. They're going to affect '16 and '17 as well. Once people start cutting back and they've made the layoffs and they put rigs down, there's no sudden resurgence that's going to come back on," said Hofmeister, founder and CEO of Citizens for Affordable Energy.
"So we're going to see, I think, a slower production growth in the '16, '17 into '18," he continued. "And if the demand growth is what is predicted, then I think we're going to see the return of $100-plus oil."
Last month, one of Saudi Arabia's biggest investors, Prince Alwaleed Bin Talal, predicted on CNBC that the world would never see the price of oil at $100 a barrel again.
—Reuters contributed to this report.