The S&P 500 is closing in on its all-time high, and is likely to sail past it, as long as the Fed promises lower interest rates and the trade war calms down.Market Insiderread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
A Bloomberg News report Tuesday morning said the White House had looked at such a move in February.Marketsread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
Stocks surged after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit.US Marketsread more
The move is part of a larger trend that saw the survey's 179 participants move away from risk and toward positions that reflect fear of a coming economic slowdown spurred by a...Marketsread more
Democratic frontrunner Joe Biden on Monday appealed to a billionaire Republican donor for fundraising help in his presidential campaign. But the financier, Trump-supporting...Politicsread more
Facebook and other groups are behind a new programming language for working with the Libra blockchain.Technologyread more
Tesla investors are regaining confidence in a quieter Elon Musk — even as they question the company's ability to hit its production goals for the second quarter.Autosread more
Long-time blockchain technologists say Facebook's Libra digital currency will introduce billions to cryptocurrencies, but the company's problems with trust and privacy remain...Technologyread more
Valisure, an online pharmacy company, told the FDA that high levels of dimethylformamide were found in valsartan, a drug produced by Swiss drugmaker Novartis and other...Health and Scienceread more
The Middle-East-dominated oil cartel is not scheduled to make a decision over production policy until later this week, although the gathering of OPEC and other exporters in Vienna, Austria, is already shaping up to be one of the most contentious meetings in years.
Saudi Arabia and Russia — the largest non-OPEC crude producer — are both pushing for members to loosen supply controls. This comes at time of heightened pressure from President Donald Trump, who has publicly complained the group is to blame for crude prices recently soaring to multi-year highs.
Nonetheless, Iranian Oil Minister Bijan Zanganeh told reporters Tuesday that OPEC members are likely to leave the Austrian capital this week without agreeing on a path forward for their 18-month policy of limiting oil output.
Speaking in Vienna on Wednesday morning, deputy energy ministers from both Saudi Arabia and Russia — who appeared to step in for Khalid Al-Falih and Alexander Novak respectively — called for OPEC and other exporters to continue to work together.
"The opening remarks seem to clearly signal intention of the key sovereign players to respond to concerns of consumers and put some additional barrels on the market. Key question is what the MIA (missing in action) panel ministers are doing today to bridge the gap with the holdouts," Helima Croft, RBC's global head of commodity strategy, said Wednesday.
Russia has proposed OPEC and non-OPEC producers increase output by 1.5 million barrels per day (bpd). If implemented, that would effectively eradicate existing supply cuts of 1.8 million bpd that have helped to rebalance the energy market and prop up crude prices.
Meanwhile, Saudi Arabia appears interested in a hike of only 500,000-600,000 bpd. To be sure, it is not unusual for oil producers to stake out maximalist positions ahead of a high-stakes meeting.
The prospect of an agreement between OPEC and its allied partners this week would seem to rest among those members who are currently firmly opposed to a relaxation of supply cuts.
Alongside Iran — which is seen as the main barrier to any agreement — Iraq, Venezuela and Algeria are all against Saudi Arabia and Russia's calls for rising production levels, fearing a slump in prices.
"If OPEC doesn't do something I think we will see $100 oil price," Scott Sheffield, executive chairman at Pioneer Natural Resources Company, said Wednesday.
International benchmark Brent crude stood at around $75 a barrel Wednesday, recovering from lows of $27 a barrel in 2016.
"We appreciate our work never stops. It's still a work in progress. We are fully committed to sustaining balance and stability," OPEC Secretary General Mohammed Barkindo said Wednesday.