May had failed to win a parliamentary majority on Britain's withdrawal from the European Union.Europe Politicsread more
Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
China denounced U.S. Secretary of State Mike Pompeo for fabricating rumors after he said the chief executive of China's Huawei was lying about his company's ties to the...World Politicsread more
U.S. President Donald Trump on Thursday predicted a swift end to the ongoing trade war with China, although no high-level talks have been scheduled between the two countries.World Economyread more
President Donald Trump has threatened tariffs on another $300 billion worth of Chinese goods — but Chinese PC-maker Lenovo is prepared to shift its production if that happens,...Technologyread more
Indian Prime Minister Narendra Modi won a landslide re-election victory. That could see India taking a more assertive security stance.Asia Politicsread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Danish shipping group A.P. Moller-Maersk on Friday posted first-quarter profit close to expectations and warned that trade tensions and slowing economic growth constitute...Earningsread more
Chinese technology giant Huawei has enough inventory to sustain its smartphone and 5G networking equipment business for most of the rest of the year, according to brokerage...Technologyread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
This is a breaking new story. Please check back.
Crude prices tumbled about 3 percent for a second day on Thursday ahead of an OPEC decision likely to keep the market oversupplied and on worry rising European bond yields could tighten the availability of speculative money that had been invested in oil.
The Organization of the Petroleum Exporting Countries, meeting in Vienna, is expected to affirm on Friday an output target of 30 million barrels per day, ignoring calls from some producers to cut supply and support prices. OPEC actually produces about 2 mill lion bpd above the target.
Ten-year German Bund yields, the benchmark for European borrowing costs, hit eight-month highs after recording their biggest two-day gains since 1998. The spread between those yields and the equivalent U.S. Treasury yields narrowed to its tightest in four months.
"Today's play in oil is as much about macro and bonds as it is about crude and OPEC," said John Kilduff, partner at New York energy hedge fund, Again Capital.
"The spiking Bund yields could lead to a tighter credit environment in Europe that could ostensibly choke off growth and the hot money that is the lifeblood of speculators, including those in the oil market," Kilduff said.
Phil Flynn, analyst at the Price Futures Group in Chicago, concurred with that view.
"There is certainly a 'lack of conviction' trade going on in oil now, with OPEC expected to keep production unchanged or even hike it to match what it is really overproducing," Flynn said. "The European macro front is another drag on the market."
Saudi Arabia, OPEC's most influential member, on Thursday raised its official selling price for benchmark Arab Light crude to Asia in July, responding to robust demand for its crude there and to higher consumption at home during the hot summer months.
"There are pockets of strength in Asia," said Seth Kleinman, head of energy research at Citigroup in London. "Light sweet crude in the Atlantic basin is very weak, but Middle Eastern sour grades are stronger."