Of all the cases of economic espionage charged by the DOJ's National Security Division since 2012, more than 80% of them implicated China.World Politicsread more
Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
"Whilst there is a big dispute at the moment, I think there's also potential for resolution," UBS chairman Axel Weber says of the U.S.-China trade negotiations.Singapore Summitread more
"This would be the most profound violation of the presidential oath of office certainly during this presidency," House Intelligence Chair Adam Schiff said.Politicsread more
On Sunday, the 71st Primetime Emmy Awards honored the best comedies, dramas, limited and variety series from the last year.Entertainmentread more
Cryptocurrency fans will hope the futures contracts, which are federally regulated, can provide some much-needed legitimacy to bitcoin.Cryptocurrencyread more
Despite mixed fan and critic reactions to the final season of "Game of Thrones," the eight-season epic took home the top prize in the drama category at the Emmy Awards on...Entertainmentread more
There are alternative financial centers and investors can turn to Singapore, Tokyo or Shanghai if Hong Kong doesn't "shape up," says the founder and chairman of Citic Capital.Singapore Summitread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Tensions between South Korea and Japan may ultimately disrupt the high-end tech sectors, says Heenam Choi, CEO at South Korea's sovereign wealth fund.Singapore Summitread more
Oil prices were volatile on Wednesday as government data showing a large U.S. crude inventory build surprised traders the morning after an industry group had reported a draw.
The U.S. government's Energy Information Administration (EIA) said crude inventories in the country rose by 3.1 million barrels last week, versus a 2.2 million-barrel build expected by analysts in a Reuters survey.
Just on Tuesday preliminary inventory data by the American Petroleum Institute had suggested a drawdown of 1.2 million barrels. Oil prices slid after the EIA report.
The West Texas Intermediate (WTI) benchmark for U.S. crude closed down 72 cents, or 1.5 percent, at $47.81 a barrel, after rising more than $1 earlier. Brent, the global crude benchmark, was down 60 cents at $51.30 a barrel, wiping out earlier gains.
A rally between Friday and Tuesday had bumped up Brent and U.S. crude by about $4 each, as oil broke out of a month-long trading range on technical buying and supportive data.
The crude build reported by the EIA "will take some of the wind out of the market's sails," said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut.
"The report is bearish enough to break the back of the rally, he said. It's cold water on the market."
Tariq Zahir, trader in crude oil spreads at Tyche Capital Advisors in Laurel Hollow in New York, agreed.
"Overall, we have a real battle going on, with crude technically having broke out of the range we have been in for more than a month. $50 for WTI is in sight," Zahir said. "But fundamentally we are seeing builds and that should continue we feel in the weeks to come," he said.
Zahir cited the impending arrival of Iranian oil as nuclear-related sanctions against Tehran come off, and an Atlantic hurricane season that has so far done no damage to U.S. oil installations.
On Tuesday, a monthly report by the EIA projected that global oil demand for 2016 will grow by the fastest rate in six years, suggesting a crude surplus was easing more quickly than expected.
Robin Bieber, director of London brokerage PVM Oil Associates, said the overall trend for oil prices would still be higher.
"The key technical indicators are positive," Bieber said. "It is not advised to be short."