The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
* U.S. oil output & stock levels surge: https://tmsnrt.rs/2WhrAut
* No immediate OPEC output cut in sight
* Iran, Venezuela exports slump: https://tmsnrt.rs/2Wgoua1 (Updates prices, adds Polish release of strategic oil reserves)
LONDON, May 2 (Reuters) - Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in inventories.
Brent crude oil futures were at $71.47 per barrel at 1037 GMT, 71 cents below their last close. Brent is set for a weekly loss, which would break its longest string of weekly gains for a year.
U.S. West Texas Intermediate crude futures were down 76 cents at $62.84 per barrel.
U.S. crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 million barrels as production hit a record high of 12.3 million barrels per day (bpd), government data showed.
"This comes as U.S. refineries head into the spring maintenance period, stoking fears that crude oil demand will be soft and stockpiles will continue to rise," ANZ bank said.
Meanwhile, Poland's energy ministry said it decided to release mandatory oil reserves following the suspension of contaminated oil deliveries from Russia in April, to secure regular output at local refineries.
Oil prices, though, are still supported by the political crisis in Venezuela, stricter U.S. sanctions against Iran that allow no more exemptions from May, and as the Organization of the Petroleum Exporting Countries continues to withhold supply.
Oman's energy minister Mohammed bin Hamad al-Rumhy said on Wednesday it was OPEC's goal to extend the production cuts, which started in January, when the group and its allies next meet in June.
Despite the desire of many OPEC members to continue supply cuts, the group may eventually be forced into action to meet demand in a market that has seen prices rise more than 30 percent this year.
Russia has sent signals about potentially increasing output. In April, however, the country's oil output fell to 11.23 million bpd from 11.3 million bpd in March, still above OPEC quotas.
"Warnings about fragile economic growth, rising U.S. production and exports and the U.S. presidents low pain threshold for high oil prices coupled with his bullying tactics. Will (OPEC's concerted effort) continue?" PVM's Tamas Varga said.
"OPEC is like a teabag; it works best in hot water ... The U.S. oil market might just be providing the producer group with the perfect excuse to extend the production agreement for at least another six months."
Fitch Solutions analysts also warned, beyond Venezuela, of risks to supply from Libya, where a civil war threatens to cut oilfields off from markets.
(Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson and Susan Fenton)