Rising home prices and conservative borrowing have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity increase by...Real Estateread more
SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
The Mac Pro is the only major Apple computer to be assembled in the United States. Most of Apple's products, including the iPhone, are assembled in China and are facing tariff...Technologyread more
CNBC's Jim Cramer calls on investors to be wary of the slew of hyped-up unicorn companies going public this year and encourages the focus to be on deliverable earnings.Investingread more
Toys R Us' bankruptcy caused a 7% surge in sales for the toy industry during the first half of 2018 as parents stocked up, then sales fell 2% as manufacturers experienced...Retailread more
The UK's Civil Aviation Authority said Thomas Cook had now ceased trading and the regulator would work with the government to bring the more than 150,000 British customers...Europe Marketsread more
The RNC paid $166,390 in August to the office of Mintz Levin for "legal and compliance services," according to a disclosure filing.Politicsread more
Trump has called Chairman Jerome Powell "clueless" and Fed officials "boneheads."The Fedread more
Trump's call with the foreign leader is reportedly the subject of a whistleblower's complaint that has spurred new accusations of wrongdoing from Democrats.Politicsread more
The solider, Jarrett William Smith, 24, of Fort Riley, Kansas, was charged with one count of distributing information related to explosives and weapons of mass destruction,...Politicsread more
Harvard economist N. Gregory Mankiw says ultra-wealthy couples could split their fortunes in half through divorce and avoid paying a wealth tax proposed by presidential...Wealthread more
Nigeria's energy minister on Wednesday insisted that OPEC and Russia are in agreement on extending oil production cuts, even as the market sold off on uncertainty over the nearly one-year-old deal.
Oil prices fell sharply at midday on Wednesday after energy ministers sent mixed signals about extending an agreement that has kept about 1.8 million barrels a day off the market since January. The goal of the coordinated output cuts is to shrink huge global stockpiles of crude and stabilize oil prices following a three-year slump.
A committee that monitors the deal recommended that a group of 24 oil-producing nations participating in the accord extend it by nine months. But Russian Energy Minister Alexander Novak declined to say whether he supported that option, stoking fears about Russia's commitment that have weighed on prices all week.
Reports that OPEC is considering either a six-month extension or a nine-month extension to be reviewed in June have roiled the market. Traders entered the week expecting the deal, which expires in March, to be extended through the end of 2018 without caveats.
Nigerian Minister of Petroleum Resources Emmanuel Ibe Kachikwu, who attended the Wednesday meeting but does not sit on the committee, suggested there is only one course of action under consideration when asked by CNBC if all three options are on the table.
"No, I think we're fairly aligned. I think we left that meeting fairly aligned," he said. "Obviously we need to bring in the bigger body tomorrow to look over our recommendations that have been made and then go from there."
Asked explicitly whether OPEC members are in agreement, but Russia is not aligned with OPEC, he said, "No, we're all aligned."
He suggested that too much attention has been paid to the idea of reviewing the a nine-month extension in June. Reports of a mid-year review surfaced on Tuesday, prompting some analysts to accuse the producers of settling for a de facto three-month extension.
"There's actually only one option," Kachikwu said. "Even if you do take full-year rollover, you will need to review that according to market behavior, so they are not necessarily apart."
Iraqi Oil Minister Jabbar al-Luaibi also told CNBC earlier on Wednesday that a nine-month extension will be announced on Thursday.
Kachikwu, who has previously served as OPEC president, said the full group of producers participating in the agreement would consider possibilities for winding down the deal when they meet on Thursday.
OPEC and its allies have not said much publicly about how they intend to exit the agreement. A sharp increase in production from the 24 participants could flood the market and send oil prices sharply lower.
U.S. crude fell nearly $1 to about $57 a barrel, while was down about 75 cents below $63 a barrel after the Joint Ministerial Monitoring Committee meeting ended on Wednesday. Speaking to reporters after the meeting, Russian Minister Novak did not say whether he backed a nine-month deal.
"The market is not yet balanced and requires a continuation of common actions. And everyone recommended that after April 1 the agreement may be extended. Tomorrow we will discuss the specific details at the meeting of all ministries," he said.