American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
Crude oil were lower on Friday as expectations OPEC and other producers will extend their production cut agreement were offset by forecasts U.S. output will continue to grow with prices holding near 28-month highs.
Brent futures were down 37 cents, or 0.6 percent, at $63.56 a barrel, while U.S. West Texas Intermediate crude settled 43 cents lower, or 0.7 percent at $56.74 per barrel.
Earlier in the week, Brent rose to $64.65 a barrel, its highest since June 2015, and WTI rose to $57.92, its highest since July 2015.
Both contracts were on track to rise about 3 percent this week, which would put them both up for a fifth week in a row.
Traders said higher prices in recent weeks were the result of efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten the market by cutting output, as well as strong demand and rising political tensions.
There are also expectations in the market that OPEC's next meeting on Nov. 30 will agree to extend cuts beyond the current expiry date in March 2018.
"Market participants expect OPEC to extend the production cuts beyond March 2018 and stocks to decline further," analysts at Commerzbank said, noting, however, that "the higher price level should lead to a further rise in U.S. shale oil production."
U.S. production is expected to rise to 9.2 million barrels per day (bpd) in 2017 and a record 10.0 million bpd in 2018 from 8.9 million bpd in 2016, according to federal energy projections this week. Output peaked at 9.6 million bpd in 1970.
U.S. bank Goldman Sachs also warned of greater price volatility ahead, citing rising tensions in the Middle East, especially between OPEC members Saudi Arabia and Iran, along with soaring U.S. oil production.
Hezbollah's leader said Saudi Arabia had declared war on Lebanon and his Iran-backed group, accusing Riyadh of detaining Saad al-Hariri and forcing him to resign as Lebanon's prime minister to destabilize the country.
"The political situation in Saudi Arabia remains sufficiently volatile to spike crude values by at least 50 cents at any given time as was the case (Thursday)," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a report, noting he did not expect Friday's oil rig count to exert much price impact.
Baker Hughes said U.S. drillers added 9 rigs, bringing the total up to 738.
Another factor supporting prices was strong demand in southeast Asia, where the number of tankers holding oil in storage around Singapore and Malaysia has halved since June.