Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The embattled leader is expected to outline a timetable for her successor to be chosen.Europe Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Assets under management at Swiss private bank Julius Baer rose 12% in the first four months of 2019 to a record 427 billion Swiss francs ($425.34 billion).Earningsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread 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."