The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
In a statement Monday, Barr named Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons.Politicsread more
Lobbying disclosure reports show that Maria Ressa, who founded news website Rappler Inc. in the Philippines, has tapped two partners out of Covington & Burling to help her...Politicsread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions to its benchmark rate.Marketsread more
Oil prices rose for a third straight session on Wednesday as OPEC said the market was gradually tightening after years of oversupply, though analysts said the 2018 outlook was less certain.
U.S. West Texas Intermediate (WTI) crude futures finished Wednesday's session 38 cents higher at $51.30 per barrel. WTI also closed 2 percent higher on Tuesday.
Brent crude futures, the international benchmark for oil prices, were up 20 cents at $56.81 per barrel at 1:37 p.m ET. Brent closed 2 percent higher the previous day.
On Wednesday, the Organization of the Petroleum Exporting Countries forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was clearing the glut after more than three years of excess.
"OPEC and key non-OPEC oil producers continue to successfully drain the oil market of excess barrels," the group said.
OPEC, along with other producers including Russia, agreed to cut output by 1.8 million barrels per day (bpd) through March 2018 to balance the market.
Barclays raised its Brent crude price outlook for the first quarter of 2018 by $5 to $56 a barrel.
"We have finally shifted fundamentally from build mode to draw mode," Barclays said in a note.
Brent has so far averaged $52.70 per barrel this year. By the end of the year, Barclays said it expected Brent to have averaged around $53 per barrel.
Despite this, Barclays said oil could dip again in 2018, with second-quarter 2018 Brent likely to fall back to $48 a barrel, thanks largely to rising global output.
Saudi Arabia trimmed crude supplies to its biggest buyers in Asia, sources told Reuters, a sign that it is meeting its cut commitment.
Bullish forecasts from the International Monetary Fund also supported prices. The IMF projected global economic growth of 3.6 percent this year and 3.7 percent for 2018, an indication that fuel demand would rise.
Still, longer-term indications were less rosy. Barclays said it expected "a return to build mode next year," while PVM's Stephen Brennock said the IMF viewed the economic recovery as being "on thin ice."
"Several market participants will have taken solace from yesterday's rally but the jury is out on whether it has the legs to go the distance," Brennock wrote.
The United States is not participating in the OPEC-led supply cut, and its output has risen 10 percent this year to more than 9.5 million bpd, preliminary weekly figures show.
Speaking at the Reuters Global Commodities Summit, Vitol chief Ian Taylor said U.S. output would climb by another 0.5 million to 0.6 million bpd next year before flattening.
Overall, Taylor said, markets were "boringly rangebound" and that "margins are very, very tight."
Later on Wednesday, the American Petroleum Institute will release weekly U.S. fuel inventory data, followed by official figures from the U.S. Department of Energy on Thursday.
U.S. crude inventories probably fell for a third straight week, while refined product stockpiles also likely declined, a Reuters poll showed.
— CNBC's Tom DiChristopher contributed to this report.