President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Boeing is cutting production of 737 Max jets as the company moves quickly to finalize a fix that will get the grounded aircraft flying again.
Boeing's monthly production of the aircraft, involved in two crashes since October, is dropping by 20 percent from the current level of 52 a month to 42 a month, the company said Friday.
"We're adjusting the 737 production system temporarily to accommodate the pause in MAX deliveries, allowing us to prioritize additional resources to focus on software certification and returning the MAX to flight," Boeing Chairman and CEO Dennis Muilenburg said in a statement announcing the rate cut. Muilenburg said the aerospace giant is already working with suppliers to, "minimize operational disruption and financial impact of the production rate change."
The production cut is likely to weigh on shares of Boeing which have held up relatively well after initially dropping more than 10% in mid-March after the crash of an Ethiopian Airlines 737 Max 8. It was the second crash of a 737 Max in the last six months and led countries around the world to ground the airplane or ban it from flying in their airspace.
Boeing's shares were down 2.3% in after-hours trading Friday.
The FAA, after initially calling the plane "airworthy," joined the rest of the world on March 13 in grounding the Max.
At the time, Boeing said it had no plans to cut production and many analysts agreed with the decision. Jose Caiado, airline analyst at Credit Suisse, said in mid-March that he expected Boeing to keep the assembly lines rolling at current levels so it didn't disrupt supply chains.
"They will just have to carry that inventory on their balance sheet a little while longer," he told CNBC.
Boeing says it hopes to have a software fix for the 737 Max in the coming weeks that it will submit to the FAA and international regulators for approval. Their review and a potential certification could take several more weeks, even months, meaning the 737 Max could be grounded well into June, if not later. As a result, Boeing has decided it is smarter to roll fewer 737s out of its plant in Renton, Washington.
Separately, Muilenburg says the Boeing board of directors has formed a committee to "review our company-wide policies and processes for the design and development of the airplanes we build."