Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
Oil prices slipped on Wednesday after Brent crude earlier hit a 2019 high above $72 a barrel, supported by steady economic growth in China and data showing U.S. crude stockpiles shrank last week.
U.S. West Texas Intermediate crude futures settled 29 cents lower at $63.76 per barrel, down half a percent but not far from last week's 2019 closing high at $64.61.
International benchmark Brent crude oil fell 10 cents to $71.62 a barrel, after earlier touching $72.27, the highest since Nov. 8.
U.S. crude inventories fell by 1.4 million barrels in the last week, compared with analysts' expectations for an increase of 1.7 million barrels in a Reuters survey. However, the official data from the Energy Information Administration on Wednesday was about half the decline reported by the American Petroleum Institute on Tuesday.
"The rally overnight was predicated on a 3 million-barrel per day draw in crude that did not materialize," said Bob Yawger, director of energy futures at Mizuho in New York. "You're going to need another catalyst."
Crude remained supported by steady economic growth in China.
China's economy grew by 6.4 percent in the first quarter, official data showed, defying expectations for a further slowdown and assuaging global markets as a U.S.-China trade deal also appears near.
Refinery throughput in China — the world's second-largest crude user — rose 3.2 percent in March from a year earlier.
"The demand side of the equation got a substantial fillip via today's China data suggesting prices will continue to move higher on improving global growth and risk sentiment," said Stephen Innes, head of trading at SPI Asset Management.
Prices have been supported this year by a pact reached by the Organization of the Petroleum Exporting Countries and allies, including Russia, to limit their oil output by 1.2 million bpd.
Global supply has been tightened further by U.S. sanctions on OPEC members Venezuela and Iran.
Iran's crude exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a drawdown in buyer interest ahead of expected further pressure from Washington.
"Buyers are shying away in view of U.S. policy uncertainty regarding waivers to import Iranian crude oil," BNP Paribas strategist Harry Tchilinguirian told the Reuters Global Oil Forum.
In June, OPEC and its partners will decide whether to continue to curb their production, although concerns have arisen over Russia's willingness to stick with the cuts.
Gazprom Neft, the oil arm of Russian gas company Gazprom, expected the global oil deal between OPEC and its allies to end in the first half of the year, a company official said on Tuesday.
"As the possibility of Russia ending the OPEC deal remains, that is capping further gains," said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.
— CNBC's Tom DiChristopher contributed to this report.