The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread 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.