Some Apple employees have become disillusioned with the group's culture, where some have thrived while others feel sidelined.Technologyread more
Biden has shown staying power at the top of a jammed Democratic field even as polling numbers for Sanders, Warren and Harris wax and wane.2020 Electionsread more
The FDIC on Tuesday votes to approve a five-agency revision of the post-crisis regulation known as the Volcker Rule.Financeread more
The yield curve is the only economic indicator pointing to a recession, according to Credit Suisse.Marketsread more
Stocks slipped on Tuesday as investors digested a sharp rebound from a strong sell-off last week.US Marketsread more
With the official launch of the Apple Card, Goldman Sachs has embarked on a multi-decade journey to becoming a leader in consumer banking, CEO David Solomon said.Financeread more
For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.Marketsread more
The move comes as Facebook continues to grapple with its privacy practices and lawmakers' scrutiny over how it uses personal data to display ads. But it will probably won't...Technologyread more
An under-the-radar hedge fund is ruling the industry with a nearly 30% return this year so far, and it's more than doubling its bet on gold.Marketsread more
The Apple Card is more secure because users get a one-time-use number in the Wallet app, says the president of Mastercard's North American operations.Technologyread more
The National Rifle Association is turning to old stock footage of Dana Loesch, their former spokeswoman, to rally supporters in the wake of the recent mass shootings and...Politicsread more
While market watchers exclaim there's a crude glut, that excess oil is nowhere to be found, according to Cornerstone Analytics' founder.
The expert argues that oil demand has been understated by most measures for the last couple of years. "Even in the just-ended quarter, global oil demand came in about 1 million barrels a day higher than what the consensus believed," Mike Rothman told CNBC's "Power Lunch."
He contends instead that "oil demand grows this year by 1.8 million a day and non-OPEC supply contracts by 800,000," and added that "there's no way that OPEC fills a 2.6 million hole."
On the other hand, the International Energy Agency released an April report stating that growth in global oil demand is declining around 1.2 million barrels per day. The agency said that global oil supply sank in March 0.3 million barrels per day to 96.1 million barrels per day. Similarly, the IEA said on Thursday that non-OPEC production would fall this year more than it has in previous generations.
In this vein, Rothman suggests that the internationally traded Brent will go for $85 by the end of the year, a number he said the Saudis have been aiming for.
Brent settled down at $44.64 a barrel on Wednesday, while U.S. oil closed down 2 percent at $43.18 on the day. While prices were already lower, news from market intelligence firm Genscape showed a crude build of more than 840,000 barrels, which drove oil prices down further.
The news comes after the oil market managed to rally even after an oil production freeze meeting in Doha failed to strike a deal.
"There are only two real prices in a discussion: what kills supply and what kills demand," he said. "In between is what someone is willing to try to fight or defend, so when the Saudis mention a price, it's something that's critical or you look at their budgets, that tends to become a center of gravity."
— Reuters contributed to this report.