The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
The Swiss Federal Data Protection and Information Commissioner said on Tuesday it had not yet been contacted by Facebook about overseeing privacy protections for the Libra...Technologyread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
The speech comes as market participants are strongly anticipating a rate cut at the July 30-31 Federal Open Market Committee policy meeting.The Fedread more
In prepared remarks for a congressional hearing, Facebook says Instagram and WhatsApp have had a greater chance to thrive after merging.Technologyread more
Spotify stock plunged over 1% on a report that Apple is spending money to create its own original podcasts.Technologyread more
American consumers are flexing their muscles, and that's helping to save the economy from even slower growth as it faces what could be a protracted trade war.Market Insiderread more
The Dow slipped from a record high set earlier in the day after President Trump cast doubt on the trade progress between China and the U.S.US Marketsread more
Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the...Energy Commoditiesread more
McDonald's said Tuesday that it is adding DoorDash as a new delivery partner, bringing an end to its exclusive partnership with UberEats.Restaurantsread more
Oil markets are tightening at the start of the second quarter amid a flurry of intensifying risk indicators, the International Energy Agency (IEA) said Thursday.
But, the group warned an "extraordinarily" wide range of views about the health of the global economy was making it difficult to forecast oil prices.
It comes at a time when energy market participants are concerned surging U.S. crude stockpiles and an economic slowdown could soon dent fuel consumption.
"The huge increase in oil production we saw in the second half of 2018 has reversed following the implementation of the new Vienna Agreement and the increasing effectiveness of sanctions against Iran and Venezuela," the Paris-based IEA said Thursday.
"This turnaround in supply has contributed to a dramatic increase in prices, with Brent crude rising from $50 a barrel at the end of December to more than $70 a barrel today."
Brent and WTI crude futures have risen by approximately 30 and 40 percent respectively since the start of the year.
"In a world where we saw Brent at $86 a barrel in October, $50 a barrel in December and now back to over $70, I think it is a very brave person that attempts to forecast what the price will be at the end of the year," Neil Atkinson, head of the oil industry and markets division at the IEA, told CNBC's "Street Signs" on Thursday.
OPEC, along with Russia and other non-member countries, is trying to keep 1.2 million barrels per day (b/d) off the market through June, following a collapse in crude prices at the end of 2018.
The production curbs, sometimes referred to as the Vienna agreement, aim to drain oversupply from the oil market and boost prices.
OPEC+ alliance members will meet in June to discuss oil policy. Saudi Arabia is leaning toward carrying over the production cuts into the second half of 2019, while Russia refuses to commit to an extension.
"As far as 2019 is concerned, amongst the analyst community there is an extraordinarily wide divergence of view as to how strong growth will be," the IEA said.
"We maintain our forecast of 1.4 million barrels per day, but accept that there are mixed signals about the health of the global economy, and differing views about the likely level of oil prices," the group added.
Some investors are worried an economic downturn over the coming months will soon start to significantly dent fuel demand.
Earlier this week, the International Monetary Fund (IMF) downgraded its global growth forecast to the lowest level in a decade.
The IEA reaffirmed its estimates for global oil demand growth in 2018 and 2019 at 1.3 million b/d and 1.4 million b/d, respectively.
On Thursday, oil supplies from OPEC sank by half a million barrels a day in March, hitting a four-year low, as Saudi Arabia continued to slash output and Venezuela's production plunged amid ongoing economic crisis.
The monthly production decline amounts to roughly half a percent of global oil demand. The drop is greater than the total monthly output of four of OPEC's 14 members.
— CNBC's Tom DiChristopher contributed to this report.