The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
Apple bought Tueo Health, which was developing tech to help parents monitor asthma symptoms in children, using a mobile app and commercial breathing sensors.Technologyread more
United Airlines will take its 14 Boeing 737 Max jets off its schedule for another month, through Aug. 3, canceling another 1,290 flights.Airlinesread more
Trade could be a big factor for markets in the week ahead, but investors will also be attuned to fresh inflation data and the bond market, which is flashing new worries about...Market Insiderread more
Mississippi is one of several states that have moved to pass new restrictions on abortion this year.Politicsread more
Fresh concerns over China's slowing economy sent oil prices into a steep decline to start off the week.
Before rising Tuesday to near $32 a barrel, crude fell 6 percent Monday and had lost 14 percent in 2016. Widely followed commodities watcher Dennis Gartman said the plunge could be the start of a new norm for oil.
"Let's not forget that a year and a half ago, I said that we were probably going to get to the mid $30s when crude oil prices were trading at $125 per barrel," he said on CNBC's "Fast Money " on Monday. "Here we are at $32 and the pressure is still on. I thought we would see some support. Clearly we haven't."
But rather than point the finger at China for falling oil prices, Gartman instead looked to Canada as the hot spot for the continued buildup in supply.
"The real problem is that Western Canadian Select continues to come down out of Canada. It's trading $14 per barrel this afternoon, a huge discount to WTI. It tends to trade $7-8 discount, " said Gartman.
The plunge in oil prices is a constant reminder of the glut in the market. Morgan Stanley reiterated its concerns in a recent note forecasting oil prices could fall into the $20s with the strength in the U.S. dollar against major currencies.
Gartman agrees with that forecast, but he sees crude spending only a short period of time at those depressed levels.
"The dollar is the predominant deciding factor at this point, and as long as the dollar continues to go higher, and it does, the pressure will remain on the crude oil market. I really thought that $32 might hold. I actually thought that would be the furthest that we could extend it down to, but we're getting a panic situation. And in panic you can get an egregiously lower price," he said.
According to Gartman, the bottom is not in for oil: It could fall much further.
"Egregiously lower — $15, $16, $17, $18 per barrel on the front month for a day or two but it won't last long down there," he said.