Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Canadian trade union Unifor said roughly 4,500 of its members have been temporarily laid off because of the GM strike so far.Autosread more
Since the Cambridge Analytica scandal in March 2018, Facebook has suspended tens of thousands of apps stemming from an investigation into its developer ecosystem.Technologyread more
The former top aide of retired United Auto Workers Vice President Joe Ashton, a former member of the GM's board, was charged Friday with conspiracy to commit wire fraud and...Autosread more
Stocks fell to their lows of the day on Friday on news that Chinese trade officials are cutting short their visit to the U.S.US Marketsread more
The wearables company has retained advisors to consider exploring a sale of the business.Technologyread more
Roku shares have more than quadrupled this year, but the stock has had some rocky days of late as more players jump into streaming.Technologyread more
"I really want to encourage competition because I think competition creates innovation, and when you create innovation everyone wins," Humana CEO Bruce Broussard says.Health and Scienceread more
Walmart is the latest to pull back from the industry. Federal regulators said they will soon ban flavored e-cigarettes, while some nations have outlawed the products...Health and Scienceread more
Oil prices ripped higher on Wednesday, rebounding from a pullback on bearish U.S. stockpile data after Saudi Arabia reassured the market that its oil production and exports are falling sharply.
The oil market also drew support from talks between the United States and China aimed at preventing an all-out trade war. The market fears the dispute between the world's two biggest economies could slow global growth and weigh on fuel demand.
U.S. West Texas Intermediate crude surged 5 percent to a nearly one-month high at $52.58 in late morning trade. The contract ended Wednesday's session up $2.58, or 5.2 percent, to $52.36.
International benchmark Brent crude was up $2.55, or 4.3 percent, at $61.27 around 2:25 p.m. ET, after earlier rising as high as $61.58.
After tumbling more than 40 percent over nearly three months, oil prices have risen by about 17 percent during an eight-day rally.
Saudi Energy Minister Khalid al-Falih on Wednesday said the kingdom will meet its goal of reducing output to 10.2 million barrels per day this month. That is down about 900,000 bpd from record Saudi output in November.
Saudi Arabia will export 7.2 million bpd in January and 7.1 million bpd in February, according to Falih.
The comments offer further evidence that OPEC and its oil market allies, including Russia, are cutting production following an oil price collapse late last year. Led by Saudi Arabia, the producers have vowed to keep 1.2 million bpd off the market starting this month.
Falih said he believes the production cuts will balance the market, but won't rule out taking further action if supply starts to outstrip demand again.
"The market's just really responded to some of the early evidence that they are cutting back," said John Kilduff, founding partner at energy hedge fund Again Capital.
That is contributing to a macro rebound against the backdrop of a rising stock market and the U.S.-China trade talks, said Kilduff.
U.S. and Chinese trade representatives extended talks scheduled for Monday and Tuesday into a third day, as the two sides reportedly made progress towards resolving their long-running trade dispute.
The two sides have yet to reach a breakthrough that will prevent the United States from ratcheting up tariffs on billions of dollars in Chinese goods, a move that would force Beijing to retaliate.
Crude futures briefly pared gains after the U.S. Energy Information Administration reported a big surge in fuel stockpiles.
The nation's inventories of gasoline rose by 8.1 million barrels, while its stockpiles of distillates, which include diesel and heating fuel, jumped by 10.6 million barrels.
Meanwhile, crude oil stockpiles fell by 1.7 million barrels, EIA reported.
Tom Kloza, global head of energy analysis at Oil Price Information Service, says the Saudi rhetoric was enough to offset the stockpiles data and push oil prices past some key levels.
"On a day when we were close to some technical breakout numbers, we're riding the technical wave higher," he said.