President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Oil fell on Tuesday as a firmer dollar encouraged investors to take profits from a two-week rally ahead of weekly data that analysts have forecast will show a build in U.S. crude inventories.
"We got a little extended on the upside - we had a price advance of more than $6 a barrel in crude in less than two weeks," said Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates. "And now I think we have some money managers taking profits ahead of the API and EIA data."
Analysts polled by Reuters expect data to show U.S. crude inventories rose 2.7 million barrels last week. Industry group the American Petroleum Institute releases its weekly figures on Tuesday at 4:30 p.m. EST.
The United States Energy Information Administration (EIA) releases official data Wednesday morning.
Inventories have fallen by more than 100 million barrels, or a quarter, in the last 12 months, to around their lowest in three years. Seasonally, stocks tend to build in the first three months of the year.
But soaring U.S. production is upending global oil markets at a time when other major producers — including the Middle East-dominated Organization of the Petroleum Exporting Countries and Russia — have been withholding output to prop up prices.
The United States will overtake Russia as the world's biggest oil producer by 2019, International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday.
"U.S. shale growth is very strong, the pace is very strong ... The United States will become the No.1 oil producer sometime very soon," he told Reuters separately.
U.S. output was 10.27 million barrels per day (bpd), according to weekly government data released last Thursday, higher than the latest figures for Saudi Arabia, the world's largest exporter, and just below Russia.
In addition to its weekly statistics, the U.S. Energy Information Administration will publish a monthly report on crude supply, which analysts expect to include substantial upward revisions to U.S. oil output.
"It is likely that the ... monthly data will show U.S. crude oil production in December about 200,000-300,000 bpd above what was estimated in the weekly reports," Petromatrix analyst Olivier Jakob said in a note.
The dollar rose after Federal Reserve Chairman Jerome Powell said the central bank would stick with gradual interest rate increases. A strong dollar makes oil more expensive for buyers using other currencies.
Powell's comments pressured Wall Street stocks. "Were getting a little softening in the stock markets in response to some of the Fed comments," said Ritterbusch. "Thats enough to take us down a notch. Well see tomorrow what the EIA data says."