Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the...Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
Wall Street is under pressure, but a handful of stocks are breaking out to new highs. McDonald's, Waste Management, Hershey, Visa and Costco have notched records this month,...Trading Nationread more
No timetable has been set on returning the money to outside investors in Tepper's Appaloosa Management, source says.Hedge Fundsread more
Huawei is winning over more and more Apple fans in China as the escalated trade tensions stoked "nationalist sentiment," according to South China Morning Post.Marketsread more
Celebrity chef Mario Batali is being charged with indecent assault and battery, more than a year after admitting to sexual misconduct.Restaurantsread more
Oil prices went into free fall on Wednesday afternoon, plunging on a raft of bearish news and posting their worst performance in over a year.
Crude futures briefly pared losses in morning trade after the U.S. government reported a huge 12.6 million-barrel drop in crude stockpiles, but the market quickly shrugged off the weekly data.
Instead, traders were focused on supply concerns as Libya resolved a major disruption to its crude exports and Saudi Arabia reported a big jump in output for June. Meanwhile, renewed trade tensions weighed on market sentiment.
International benchmark Brent crude fell $5.46, or 6.9 percent, to $73.40, its worst performance since February 2016.
U.S. light crude ended Wednesday's session down $3.73, or 5 percent, at $70.38 a barrel. That marked its biggest daily drop since June 2017.
"Breaking $72 on the chart is big," said John Kilduff, founding partner at energy hedge fund Again Capital.
"There's no real support. You're seeing some at $70, but we could go down to $64, where we took off from."
Oil prices fell along with stock markets and other commodities after the Trump administration threatened to slap tariffs on another $200 billion in Chinese goods. The prospect of a worsening trade war has raised fears of slower global growth that could clip demand for oil.
China has also threatened to tax U.S. crude imports. The country has emerged as one of the biggest buyers of American oil since the United States lifted a ban on crude exports in 2015.
"The increase in global trade has been a significant factor lifting world economic growth to higher levels in both 2017 and 2018," OPEC said on Wednesday.
"Hence, if trade tensions rise further, and given other uncertainties, it could weigh on business and consumer sentiment. This may then start to negatively impact investment, capital flows and consumer spending, with a subsequent negative effect on the global oil market."
Also on Wednesday, OPEC reported that its output increased in June, as the group's top producer pumped at its highest level since the end of 2016. The group agreed last month to start easing production caps put in place in 2017 to drain a prolonged crude glut and lift prices.
Oil's price fall was aided by news Tripoli-based National Oil Corp (NOC) had lifted a force majeure on four Libyan oil ports, saying production and exports from the terminals would "return to normal levels in the next few hours."
Libyan oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following the port closures, the NOC said on Monday.
The United States offered some measure of relief on Tuesday, when Secretary of State Mike Pompeo signaled the United States could enforce sanctions on Iran less stricly than originally feared.
The State Department sent oil prices soaring two weeks ago when a senior official told reporters the agency is pushing oil buyers to cut Iranian imports to zero by Nov. 4.
On Tuesday, Pompeo told Sky News Arabia, "There will be a handful of countries that come to the United States and ask for relief from that. We’ll consider it."
— Reuters contributed to this report.