More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Wayfair employees plan to walk out tomorrow, after no action was taken in response to their opposition to the company supplying border detention camps with beds for children.Retailread more
Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.Technologyread more
Omarosa Manigault Newman, who had been a senior advisor to President Donald Trump before her firing, was sued for allegedly failing to file required financial disclosures.Politicsread more
San Francisco on Tuesday became the first city in the country to ban e-cigarettes after city officials voted in favor of an ordinance that prohibits the sale of any...Health and Scienceread more
See which stocks are posting big moves after the bell on June 25.Market Insiderread more
Apple's iOS 13 is coming this fall, but you can already try it on your iPhone with the new public beta. Here are some of the best hidden features.Technologyread more
After a bruising week for commodities, a selection of analysts have told CNBC that the price of oil will see a reversal despite weak fundamentals and a lack of positive sentiment.
David Sneddon, a managing director and global head of technical analysis at Credit Suisse, led the charge for higher oil. He told CNBC Thursday that the current trading range for Brent crude has always been a key support level for the market.
"If you look back over the last 25 years, Brent crude oil has made its major highs and lows in this ($41 to $35 a barrel) area. It was the low in (2008), it was the highs and lows through 2000 to 2004. It was the big high back in 1990 as well," he said.
He added that this current range was typically where "investors come back in," although he conceded that there were actually no buy signals for investors yet.
"(Sentiment) is still bearish but this is the point where we go against the crowd now...this is the zone where we start to look for a reversal," he said.
Bob Parker, a senior advisor at the same Swiss bank, had a similar view. He believes that commodities in general are at "a base" and predicts that Brent crude will trade close to $40 a barrel in the near term and may bounce up to perhaps $45 to $50 a barrel as we go into the second quarter of next year.
Brent crude was on track for its lowest weekly close since 2008 on Friday, according to Reuters, as the International Energy Agency (IEA) warned global oil oversupply could worsen in the new year.
A lack of unity at an OPEC meeting last Friday caused sharp drops for the price earlier in the week and data showing an unexpected drawdown in U.S. crude stockpiles did little to buffer the fall. Brent crude futures started the week around $42.90 a barrel and have since slipped nearly 9 percent during the week.
Miswin Mahesh, an oil analyst at Barclays, told CNBC Friday that the sentiment is still very much focused and geared towards the downside after the OPEC meeting. However, he believes that output from the oil group is near the "upper bounds" and noted that non-OPEC supply is also predicted to fall next year.
"Things may be not as bad, next year at least, as the market's expecting," he said.
"Next year we have Brent trading between $50 and $60 a barrel and this is essentially to do with the fact that we think the balancing process quickens because of where prices are."