The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
The U.S. Federal Reserve on Wednesday cut its overnight rate by 25 basis points to a range of 1.75% to 2%, a move that was widely expected. The central bank, however, appeared...Asia Marketsread more
Oil prices pared gains in a volatile trade on Tuesday as fears flared that demand would stall due to a trade war between the U.S. and China, and as Russia remained a stumbling block to a deal to cut global crude supply.
U.S. President Donald Trump made clear he would revert to tariffs on China if the two sides could not resolve their differences.
The comments put a damper on market enthusiasm that drove oil about 4 percent higher on Monday after Trump and Chinese counterpart Xi Jinping agreed at a meeting of the Group of 20 industrialized nations to pause an escalating trade dispute.
In Monday's session, expectations of a production cut by the OPEC and its allies, when they meet on Thursday and Friday in Vienna, had also supported prices.
OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said on Tuesday, adding that Russia's resistance to a significant production cut was so far the main stumbling block.
"Now we're starting to get uncertainty on both the trade and production cut fronts and the market is giving back those gains," said Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut. "Some of the optimism surrounding the easing of trade tensions seems to be evaporating."
International Brent crude oil futures rose 39 cents to $62.08 on Tuesday, after earlier touching a session high of $63.58. U.S. West Texas Intermediate (WTI) crude futures ended the session 30 cents higher at $53.25, after gaining as much as 3 percent at $54.55.
Ahead of the OPEC meeting, Saudi Oil Minister Khalid Al-Falih said it was too soon to be certain that OPEC and other oil exporters would cut production because the terms of a deal remain unresolved.
Falih said he thought the market was oversupplied but he cautioned that all members of OPEC and its allies needed to come together for a cut to go ahead.
"A cut in OPEC and Russia production of 1.3 million bpd will be required to reverse the ongoing counter-seasonally large increase in inventories," Goldman Sachs said in a note.
It added that it expected a joint effort by OPEC and Russia to withhold supply to push Brent oil prices "above the mid-$60 per barrel level."
Helping OPEC in its efforts to rein in emerging oversupply was an order on Sunday by the Canadian province of Alberta for producers to scale back output by 325,000 bpd until excess crude in storage is reduced.
OPEC's biggest problem is surging production in the United States, where output - mostly from its shale fields - has grown by about 2 million bpd within a year to more than 11.5 million bpd.
Barclays bank said in a note to clients that oil production in Texas alone "reached 4.69 million bpd in September, compared with Iraqi output of 4.66 million by our estimates." Iraq is OPEC's second-biggest oil producer behind Saudi Arabia.
Iranian President Hassan Rouhani made an apparent threat on Tuesday to disrupt other countries' oil shipments through the Gulf if Washington presses ahead with efforts to halt Iranian oil exports.
The United States has imposed sanctions on Iran and U.S. officials say they aim to reduce Iran's oil exports to zero in a bid to curb the Islamic Republic's missile program and regional influence.
"If one day they want to prevent the export of Iran's oil, then no oil will be exported from the Persian Gulf," Rouhani said.