J.P. Morgan economists said they now see a much slower economy in the second quarter, with growth of just 1%.Market Insiderread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses, writes Nomura.Marketsread more
The move comes just a day after the FAA's acting head said airlines don't need to keep canceling Max flights.Airlinesread 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 one in every...Health and Scienceread more
The Pentagon will send additional American troops, drones and fighter jets to the Middle East amid increasing tensions between the United States and Iran.Politicsread 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
A spokesman for Nadler told CNBC that the chairman is "okay," and that he "seems to have been dehydrated and it was very warm in the room."Politicsread more
The meeting is expected to take place on the sidelines of the Shangri-La Dialogue defense summit in Singapore.Defenseread more
Former Goldman Sachs macro trader and Fortress hedge-fund manager is the latest to point out problems with modern-day capitalism and income inequality.Financeread more
Rep. Chip Roy, R-Texas, blocked a $19.1 billion disaster relief bill that was expected to sail through Friday, a move that stalled the measure from becoming law.Politicsread more
Oil prices dipped for a second day in a row on Friday as some investors took profit on a surge to seven-month highs while others worried about higher production with the market hovering near $50 a barrel.
A stronger dollar also weighed on demand for dollar-denominated oil from holders of other currencies. The dollar spiked after Federal Reserve Chair Janet Yellen said a U.S. rate hike was probably appropriate in coming months.
A three-day weekend for the United States, owing to Monday's Memorial Day holiday, further discouraged investors from holding bullish bets. Also on Friday, oilfield services firm Baker Hughes reported the number of rigs operating in U.S. fields fell by 2 to 316 in the previous week. At this time last year, drillers had 646 oil rigs online.
Brent fell 22 cents to $49.37 a barrel, retreating further from the previous session's $50.51 peak, its highest since early November.
U.S. crude settled down 0.3 percent, or 15 cents, at $49.33 a barrel, and last dropped 6 cents to $49.42 a barrel after touching $50.21 on Thursday, its highest since early October.
"People are worried crude production will come roaring back at these prices," said Phil Flynn, energy markets analyst at the Price Futures Group in Chicago.
"But I also think we are down because of higher interest rate concerns and the longer weekend," Flynn said. "You don't want to be long on a $50 position when oil could be below $48 by the time the new week opens."
On the week, Brent rose 1 percent and U.S. crude about 3 percent, helped by gains from earlier this week.
With prices finally hitting $50, both Brent and U.S. crude are likely to face technical barriers in the next three to five weeks, analysts said. Producers and speculators have also been loading up on options contracts of U.S. crude to protect themselves from downside risk.
Oil pushed past $50 after supply disruptions from Canadian wildfires and militant attacks in Nigeria helped cut global daily output by 4 million barrels.
"Most of these outages are unlikely to last," UBS analyst Giovanni Staunovo said, anticipating resumption of supply from those sources as well as higher production from the Organization of the Petroleum Exporting Countries.
Dominick Chirichella, senior partner at New York's Energy Management Institute, said U.S. crude output could rise by an estimated 300,000 to 400,000 barrels per day as shale producers put drilled but uncompleted wells, or DUCs, into production.
In the coming week, investors will watch the outcome of an OPEC meeting for signs of more output from Saudi Arabia and Iran in their battle for market share.