Democratic candidates take the stage together for the first time as they jockey for position in the race to take on President Trump in 2020.2020 Electionsread more
In a strategy to draw attention away from Wednesday's Democratic debate, President Donald Trump's reelection campaign bought out YouTube's "masthead," the leading...2020 Electionsread more
Virginia Sen. Mark Warner breaks down the idea behind a bipartisan bill he introduced to provide more transparency in Big Tech.Technologyread more
Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
These attacks have given the public the opportunity to examine the problems associated with ransomware, where corporations -- not obligated to disclose these attacks -- have...Technologyread more
"As a private company we don't have the tools to make the Russian government stop," Facebook CEO Mark Zuckerberg said at the Aspen Ideas Conference on Wednesday. "We can...Technologyread more
Something unusual is happening in financial markets, and it could mean more gains lie ahead for stocks, if history is any indication.Marketsread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
Venezuelan President Nicolas Maduro said security forces had foiled an opposition coup attempt that included plans to assassinate him and other top political figures.World Politicsread more
Credit Suisse initiated coverage of Tesla Wednesday with an "underperform" rating and a price target 15% below where the stock closed.Marketsread more
Wi-Fi 6 will be the next-generation wireless standard. Along with 5G, it will represent the next big shift in connectivity and data, said Irving Tan, senior vice president and...Shaping the futureread more
The world is watching Algiers for signs that oil producers will agree to freeze production, but many analysts see a devastating crude glut persisting no matter the outcome of the meeting.
Oil prices climbed more than 3 percent on Monday ahead of a hotly anticipated statement from OPEC members and other producers led by Russia as to whether they will act to stabilize oil prices. The rally came despite skepticism that the producers would reach a deal as they meet at the International Energy Forum in the Algerian capital.
Goldman Sachs said last week it is looking past the meeting and instead looking toward easing conflicts in Iraq, Libya and Nigeria that could return sidelined crude supply to markets and potentially push it back into glut territory.
"In our view, thawing relationships between parties in conflict in areas of disrupted production would be more relevant to the oil rebalancing than an OPEC freeze, which would leave production at record highs and could prove counter productive if it supported prices further and incentivized activity elsewhere," Goldman said.
Goldman still sees the crude market reaching a supply deficit of 230,000 barrels per day in the final six months of the year, but said a recovery remains fragile.
Its "conservative" estimate calls for returning supply from Iraq, Libya and Nigeria to add 100,000 barrels per day to global supply. But if an additional 500,000 barrels per day were to return, Goldman said, it would reduce its average 2017 price forecast for U.S. crude to $45 a barrel from its current $52.50 projection.
While Iraq has signaled its willingness to cap production, operations also restarted this month at the northeastern Kirkuk oilfield following a breakthrough that eased a prolonged pricing and budget dispute between the central government in Baghdad and leaders of the semi-autonomous Kurdistan region.
That comes as Iraq has already pushed production to historic highs amid an international battle for market share as the oil price rout approaches a third year.
Meanwhile, Libya last week , raising the prospect that the country could begin clawing its way back toward its pre-2011 level of 1.6 million barrels a day — though a recovery to that level remains far off.
While the country remains fractured by internal strife, efforts to keep the crude flowing from ports have gotten support from heavy hitters. U.S. and British diplomats have spoken with rival factions in recent weeks in order to facilitate exports, fill the government's coffers, and make Libya stable enough to effectively fight ISIS militants, The Wall Street Journal reported Monday.
Nigeria also could be poised to produce more oil as militants known as the Niger Delta Avengers entertain a cease-fire following a months of infrastructure sabotage that cratered crude output, the country's lifeblood. However, as recently as this weekend, the Avengers had claimed responsibility for an attack on an export line.
Despite weeks of posturing by Russia's oil minister ahead of the meeting in Algeria, Moscow's top five oil firms have all pumped at record levels this year and say they intend to increase production in 2017, Reuters reported Monday. Russia is the world's top oil producer, and this handful of companies accounts for 75 percent of its output.
"There's been some indication, on paper at least, the Saudis and Russians are in agreement, but the facts cut the opposite way," Petrie Partners Chairman Tom Petrie told CNBC's "Squawk Box" on Monday. "It's pretty clear that Russia has intentions of increasing its production over the next three years in significant way."
"I think it's in their interest to look like they're playing ball with the Saudis," Petrie said, "but whether there's a real constructive agreement there is doubtful."
Even if Russia did reach a deal with OPEC members, many analysts think the freeze could backfire as rising oil prices would encourage U.S. producers to put rigs back to work. The number of oil rigs operating in U.S. fields has rebounded 32 percent to 418 rigs since the end of May as American drillers squeeze profits out of their best acreage, primarily in Texas and Oklahoma.
Saudi Arabia's two-year policy of allowing the market to rebalance on its own has largely been seen as an attempt to wash out U.S. shale producers, who must spend big to pummel rock formations with a mix of water, minerals, and chemicals to release oil and gas, a process called hydraulic fracturing.
Emma Richards, senior oil and gas analyst at BMI Research, said Monday it would actually be better in the long run if prices remain lower for longer to allow the rebalancing process to play out.
"We've seen massive reductions in the cost curve in U.S. shale, so there's a lot of capacity there that could be ramped up relatively quickly if prices recover too quickly or too strongly," she told CNBC's "Street Signs."
To be sure, about half of the respondents to a CNBC survey said a deal to rein in supply would have a meaningful impact on prices.