Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Oil prices rose on Friday as political turmoil in Venezuela threatened to tighten crude supply, but concerns over surging U.S. fuel stocks and global economic woes weighed on sentiment.
The United States signaled on Thursday it may impose sanctions on Venezuelan exports after recognizing opposition leader Juan Guaido as interim president this week, prompting President Nicholas Maduro to cut ties with Washington.
But the ongoing U.S.-China trade dispute and broader gloom over world economic growth put a check on prices.
U.S. West Texas Intermediate crude futures ended Friday's session 56 cents, or 1.1 percent, higher at $53.69 per barrel. WTI fell about 0.2 percent for the week, the first weekly decline in four weeks.
Brent crude oil futures were up 61 cents, or 1 percent, at $61.70 a barrel around 2:20 p.m. ET. Brent has shed about 1.6 percent since Monday and was also on track for its first week of losses in four weeks.
RBC Capital Markets predicted that U.S. sanctions could nearly double projected output shortfalls from Venezuela.
"Venezuelan production will decline by an additional 300,000-500,000 barrels per day this year, but such punitive measures could expand that outage by several hundred thousand barrels," it said.
Still, some analysts said the possibility of immediate sanctions were unlikely.
"We view a blockade on Venezuelan imports as low probability and a last resort measure that is likely weeks if not months away should it materialize," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
"The evolving situation in Venezuela appears capable of delaying our expected test of $50 support."
Global oil markets are still well supplied, however, thanks in part to a spike in U.S. output.
Record U.S. production would likely offset any short-term disruptions to Venezuelan supply due to possible U.S. sanctions, Britain's Barclays said in a note. The bank cut its 2019 average Brent forecast to $70 a barrel, from $72 previously.
The output surge has swollen U.S. fuel stocks, and crude inventories rose by 8 million barrels last week, according to official data released on Thursday.
Companies added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, Baker Hughes energy services firm said in its closely followed report on Friday.
Refining profits for gasoline are crashing around the world as consumption stalls amid a huge wave of new supplies, resulting in record inventories in Asia, America and Europe.
In the U.S. market, gasoline margins sank to $5.70 per barrel on Thursday, the lowest seasonally since 2009, weighed down by weak demand for the fuel and excess supply.
Analysts have predicted a more balanced market due to a production cut pact by OPEC and its allies including Russia, as well as potential export disruptions in Venezuela, Iran and Libya.
"While the current state of affairs is price constructive for oil, the market is hesitant when it comes to the global outlook," Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas, told the Reuters Global Oil Forum.
Demand may start to stutter because of a global economic slowdown, which is likely to dent fuel consumption.
A trade dispute between the United States and China and tightening financial conditions around the world have hurt manufacturing activity in most economies, including in China, where growth last year was the weakest in nearly 30 years.
According to Reuters polls of hundreds of economists worldwide, a synchronized global economic slowdown is underway and would deepen if the U.S.-China trade war escalated.