While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
Home Depot shares, which are valued at $228.8 billion, are up more than 21% this year.Retailread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
U.K. Prime Minister Boris Johnson told the EU that a Brexit deal can still be approved by U.K. lawmakers if Brussels agrees to scrapping the contentious Irish "backstop."read more
Baidu posted better-than-expected earnings for the June quarter, swinging back to profit and managing to stabilize its core ad business.Technologyread more
Several big Pimco funds controlled by Ivascyn have reportedly been trimming their bond market positions in the U.K. and Europe.World Marketsread more
While Hong Kong leader Carrie Lam painted a bleak picture of the city's economy, she expressed hope that dialogue with protesters could provide "a way out."China Politicsread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
U.S. President Donald Trump and his former White House communications director Anthony Scaramucci have had a public falling out recently.Politicsread more
Oil prices fell on Monday after Russia's finance minister said Russia and OPEC may decide to boost production to fight for market share with the United States, where output remains at record highs.
Losses were limited by a tightening of global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers. Renewed fighting also threatened to wipe out crude production in Libya.
U.S. West Texas Intermediate crude futures settled 49 cents lower on Monday at $63.33 per barrel, dropping nearly 1%. WTI touched a five-month high at $64.79 last week.
Brent crude oil futures fell 37 cents to $71.18 a barrel, having hit their highest since Nov. 12 on Friday at $71.87.
Oil prices have been lifted by more than 30 percent this year, mainly due to a deal by OPEC and its allies including Russia, known as OPEC+, to curb by 1.2 million barrels per day from Jan. 1 for six months. The group will meet in June to decide whether to continue withholding supply.
Russian Finance Minister Anton Siluanov said over the weekend that Russia and OPEC may decide to boost production to fight for market share with the United States, but this would push oil as low as $40 per barrel.
"There is a dilemma. What should we do with OPEC: should we lose the market, which is being occupied by the Americans, or quit the deal?" Anton Siluanov, speaking in Washington, said, TASS reported.
"(If the deal is abandoned) the oil prices will go down, then the new investments will shrink, American output will be lower, because the production cost for shale oil is higher than for traditional output."
While the minister said he did not know whether OPEC countries would be happy with this scenario, the group's de facto leader, Saudi Arabia, is considered keen to keep cutting, but sources within the group said it could raise output from July if disruptions continue elsewhere.
"OPEC+ production cuts have been the main source of price support this year but ... excess Saudi production capacity is acquiring a greater focus that will be creating a greater caution amongst prospective buyers," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Oil prices have faced pressure from a surge in U.S. crude output, which is at a weekly record of 12.2 million bpd, thanks to a shale revolution.
The U.S. drilling rig count, an indicator of future production, last week rose for a second week in a row.
"I would expect oil to trade in a relatively tight band around $70 per for the time being," said Virendra Chauhan, oil analyst at Energy Aspects in Singapore, pointing to differing signs from the United States and OPEC on future supply.
On the bullish side, the head of Libya's National Oil Corp warned on Friday that renewed fighting could wipe out crude production in the country.
Production has been also falling steeply in Venezuela due to U.S. sanctions. Iranian output is expected to suffer when the United States tightens sanctions on Tehran in May.
— CNBC's Tom DiChristopher contributed to this report.