Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
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
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread 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
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread 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
A flurry of intensifying risks in the energy market has made it "virtually impossible" to confidently forecast the price of oil, industry experts told CNBC on Thursday.
But, alongside mounting concerns about the health of the global economy, surging U.S. crude inventories appears to have capped further gains.
"There are so many uncertainties surrounding the oil market that it makes it virtually impossible to predict developments for the rest of the week let alone for months or a year ahead," Tamas Varga, senior analyst at PVM Oil Associates, said in a research note published Thursday.
"There are economic and geopolitical developments to deal with and these can change almost on a daily basis," Varga said. He described oil market conditions at present as a "forecasting nightmare."
Brent and WTI crude futures have risen by approximately 30% and 40% respectively since the start of the year.
A dramatic upswing in prices so far this year has prompted President Donald Trump to call on OPEC to ratchet up supply.
The producer group has so far ignored Trump's warnings. 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 aim to drain oversupply from the oil market and boost prices.
"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.
Some investors are worried an economic downturn over the coming months could soon start to significantly dent fuel demand.
In a closely watched oil market report published Thursday, 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.
The group also warned a rapid rise in crude futures over the coming months would inevitably hurt consumers — just as it has done in previous months.
On the other hand, Atkinson said prices that "gyrate all over the place" would not be helpful for anyone, most notably energy market participants craving certainty as they assess potential investment opportunities.