Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
Oil saw its worst monthly drop since the 2008 financial crisis after signs that top producers in the Middle East were continuing to pump at record levels despite a growing global gut.
A higher U.S. oil rig count for a second week in a row added to the market's downside. Uncertainty ahead of key U.S. oil production and rig count data due later in the day also weighed on prices, despite a weaker dollar, which would normally support commodities.
U.S. crude closed down $1.40, or 2.89 percent, at $47.12 a barrel. The contract fell nearly 21 percent for the month of July, marking its largest monthly decline since October 2008, when oil had an epic collapse at the outbreak of the financial crisis. Brent fell 18 percent on the month.
Meanwhile, Brent was down $1.10 at $52.21 a barrel.
Diverting some attention from crude, heavy hedging activity in gasoline and diesel futures ahead of front-month contract expiration dominated play on the petroleum complex.
July's oil price drop was spurred by a stock market tumble in top energy consumer China and a growing global oversupply.
A Reuters survey on Friday showed that Saudi Arabia and other big oil producers in the Middle East, members of the Organization of the Petroleum Exporting Countries, were not wavering in their quest for market share over price.
According to the survey, OPEC pumped more than 32 million barrels per day this month, up 140,000 bpd from June.
"The news on OPEC oil output hitting a new high is bearish for crude," said David Thompson of Washington-based oil brokers Powerhouse.
Also on Friday, industry firm Baker Hughes reported that U.S. energy firms added five oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite the dive in U.S. crude prices from recent highs in June.
Commerzbank's head of commodities research in Frankfurt, Eugen Weinberg, said OPEC has to cut production to avoid lower prices, expressing hope on "a stricter quota discipline at its December meeting".
The market was awaiting U.S. government data on monthly crude production at 1800 GMT.