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 prices rebounded sharply on Wednesday, supported by a report that Saudi Arabia, other OPEC states and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018.
The producers are ready to make gradual adjustments to offset any supply shortage, a Gulf source familiar with Saudi thinking said. The oil producers participating in the output reduction deal are satisfied with the result of their agreement, which was due to end at the end of 2018, the Gulf source told Reuters.
U.S. crude ended the session $1.48, or 2.2 percent, higher at $68.21. The contract fell about $5.50 a barrel, or 7.6 percent, over the last five trading sessions.
Brent ended Wednesday's trading up $2.11, or 2.8 percent, to $77.50 a barrel, after trading as low as $74.81 earlier.
Global benchmark Brent crude has dropped by as much as $5 a barrel this week from a 3½-year high of $80.50 a barrel on May 17, after reports that OPEC and Russia may increase supply at a June meeting.
Also on Wednesday, the Russian central bank issued a statement that a decline in oil prices would pose a risk to the country's financial sector.
"It seems that somebody in the central bank is taking notice of the big drop in oil prices and sending a signal of, 'Hey, wait a second. We don't want these prices to fall too far — that could pose a risk to the Russian economy"' said Phil Flynn, analyst at Price Futures Group in Chicago.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have had a pact to curb output by about 1.8 million barrels per day since January 2017, driving down inventories and pushing up oil prices.
Amid concerns the price rally has gone too far, Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil output by around 1 million bpd, sources told Reuters on May 25. OPEC meets in Vienna on June 22.
Some analysts remain cautious as the details have yet to be worked out. Ministers from Saudi Arabia, Kuwait and the United Arab Emirates meet this weekend, a source said.
U.S. crude's discount to Brent was as much as $9.31, with Brent supported more as investors worried that crude supplies from Iran could be drying up, with U.S. sanctions deterring buyers.
"There's more concern on the Brent side that supply losses from Iran are harder to be made up," Flynn said.
India's Reliance Industries, owner of the world's biggest refining complex, plans to halt oil imports from Iran, two sources familiar with the matter said.
Also supporting prices was a weaker dollar and forecasts that U.S. data will show crude inventories fell last week, analysts said.
U.S. crude inventories probably fell by 1.8 million barrels last week according to a Reuters poll. Industry group American Petroleum Institute (API) releases its weekly supply report at 4:30 p.m. ET on Wednesday, followed by the official government data on Thursday.
In Brazil, the FUP oil workers union said workers had joined the call for a nationwide strike on at least 20 oil rigs in the lucrative Campos basin and other areas of the country. Protesters are calling for the resignation of Petroleo Brasileiro SA Chief Executive Officer Pedro Parente and a change to company fuel pricing policies. The company said production was not affected.
— CNBC's Tom DiChristopher contributed to this story.