The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Crude oil futures swung higher on Monday after falling on concerns that U.S. demand for gasoline may fade after a strong stretch and in worries about the potential fallout from the Greek debt crisis.
U.S. crude closed up 7 cents, at $59.68 a barrel, ahead of the expiry of the front-month July contract.
Brent crude for August delivery was up 46 cents at $64.23 a barrel, after falling nearly 2 percent on Friday over worries about a potential Greek debt default.
The contracts spent most of the session in negative territory despite data from market intelligence firm Genscape suggesting a big draw on the week on stockpiles at the Cushing, Oklahoma delivery point for U.S. crude futures.
Gasoline and diesel's proxy, heating oil, fell by 1 percent or more, leading the oil complex lower, as traders and investors cut the products prices from their recent peaks. Gasoline hit near 8-month highs last week.
"One of the biggest supporters of the U.S. crude rally has been the products markets. But there's concern we may have overproduced gasoline lately, just like how we've been doing with crude," said Matthew Perry at Kronenberg Capital Advisors, an energy-focused hedge fund in Oreland, Pennsylvania.
On the Greek front, euro zone finance ministers welcomed new Athens proposals for a cash-for-reform deal but said it would take more work to avert a default.
U.S. gasoline stocks unexpectedly rose by nearly half a million barrels last week.
Meanwhile, domestic U.S. oil output has remained at around 1970 highs of about 9.6 million barrels a day, weighing on crude prices. This has offset other positive data such as the 2 million barrel draw from Cushing reported on the week by Genscape, market sources said.
U.S. oil producers added a rig each in the key Permian and Bakken shale basins last week, even as the total number of rigs fell. This fuels worry that the recovery in crude prices in recent months was coaxing drillers to expand activity.
U.S. oil output could decline later this year but will likely pick up in 2016 by 150,000 barrels per day at the current rig count, Goldman Sachs said in a note.
A supply overhang in the Atlantic basin was also pressuring the market, analysts said.
Morgan Stanley said around 10 million barrels of unsold crude, mainly from Nigeria, were floating as offshore storage despite relatively strong summer demand in the northern hemisphere.
"If there are this many challenged cargoes in this strong demand environment, we worry about the outlook for physical oil this fall (autumn) when crude runs and gasoline demand fall seasonally," the note said.