While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Shopify debuts a new network to help it compete with Amazon.Marketsread more
"We missed being the dominant mobile operating system by a very tiny amount. We were distracted during our antitrust trial. We didn't assign the best people to do the work,"...Technologyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
The strong dollar story could be over for now, and that's putting a shine on the 'anti-dollar' trade—gold.Market Insiderread more
Some traders think the energy rally is about to wane, despite the sector being one of June's big winners.ETF Edgeread more
Stocks with this one feature are poised to crush the market after a rate cut, according to Goldman Sachs.Marketsread more
An Air Canada passenger traveling to Toronto from a weekend in Quebec City found herself stranded alone on the tarmac and in the dark, in what she described as a "nightmare."Airlinesread more
The new cut will likely draw thousands back to theaters and could finally push "Avengers: Endgame" above and beyond the record $2.78 billion "Avatar" has earned since its...Entertainmentread more
"I believe it would be wise to take additional time and allow events to unfold" before deciding on rates, the Dallas Fed official said in an essay.The Fedread more
* OPEC cut output sharply in December
* Saudi cut leads to biggest monthly production drop since 2017
* U.S. production nears 12 mln bpd -EIA
* Wall Street slightly higher
* GRAPHIC-US, Russia, Saudi crude output: https://tmsnrt.rs/2Rua0R8 (Updates prices, market activity, adds quotes)
NEW YORK, Jan 17 (Reuters) - Oil prices steadied on Thursday, boosted by a rebound in U.S. equities, after earlier losses on fears about surging U.S. crude production and a weakening global economy.
Brent crude oil futures were down 14 cents to 61.19 a barrel by 2:04 p.m. EST (1904 GMT). U.S. crude futures fell 32 cents to $52 a barrel. Earlier in the session, both benchmarks dropped about 2 percent.
The Organization of the Petroleum Exporting Countries in its monthly market report cut its forecast for the average demand for its crude in 2019 to 30.83 million barrels per day, down 910,000 bpd from the 2018 average.
OPEC, however, said it cut oil output sharply in December before a new accord to limit supply took effect, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand
Saudi Arabia led the cuts of 751,000 bpd in December, the biggest month-on-month drop in almost two years.
The group and its allies plan to meet on April 17-18 in Vienna to review the supply reduction deal that began in January.
Even as the OPEC-led cuts reduce supplies, U.S. output surged close to 12 million bpd last week, and some traders and investors are concerned that growth in global supply this year will outpace demand.
"That's going to weigh on the market at least until we get some new information," including from OPEC, said Thomas Saal, senior vice president of INTL Hencorp Futures in Miami.
Still, Saal said, investors had already expected increasing U.S. production and priced it into the market, which supported prices on Thursday.
U.S. crude output has climbed by 2.4 million bpd since January 2018 and stockpiles of crude and refined products have risen sharply, U.S. Energy Information Administration data showed.
Wall Street's main indexes were slightly higher, helping to steady oil futures, which sometimes track equities.
"Today and tomorrow we're probably going to move in concert with equities," Jim Ritterbusch, president of Jim Ritterbusch & Associates in Galena, Illinois.
"Going forward, we should start getting a little better indication of Saudi production trends. I think that's going to be supportive to the market," Ritterbusch said.
In response to the drop in price in the second half of last year, OPEC and non-members plan to cut production by a joint 1.2 million bpd this year.
Oil is still about 20 percent above the lows reached in late December, but analysts said Brent has been trading in the low $60s and U.S. crude in the low $50s due to ongoing nervousness about relations between Washington and Beijing and China's economic outlook.
"Brent needs to move past $62 before we can talk about $65," BNP Paribas head of commodities Harry Tchilingurian told the Reuters Global Oil Forum.
"From there, the door will be open to target $70, (if) we do not have negative news emerging around U.S.-China trade talks that caused high levels of angst and de-risking last December."
(Additional reporting by Amanda Cooper in London, Henning Gloystein in SINGAPORE and Colin Packham in SYDNEY; Editing by Marguerita Choy and David Gregorio)