Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia edged up Monday morning as U.S. Treasury yields bounced higher after plunging last week which sent markets into a panic.Asia Marketsread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
"I don't want to do business at all because it is a national security threat," Trump told reporters.Technologyread more
Trump's is due to visit Copenhagen early next month, when the Arctic will be on the agenda in meetings.Europe Politicsread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
* U.S. crude stocks off 4 mln barrels as imports fall -EIA
U.S.-Chinese trade war could hit economic growth
* China crude imports rise to record in April (New throughout, updates prices, market activity, comments, adds EIA data; new byline, changes dateline, previous LONDON)
By Stephanie Kelly
NEW YORK, May 8 (Reuters) - Oil futures rose 1 percent on Wednesday, boosted by a surprise drawdown in U.S. crude stockpiles, but an escalating U.S.-Chinese trade fight limited oil's gains as investors worried about the global outlook for energy demand.
Brent crude futures rose 66 cents to $70.54 a barrel, a 0.9 percent gain, by 11:10 a.m. EDT (1510 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 86 cents to $62.26 a barrel, a 1.4 percent gain.
U.S. crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said. Analysts had expected an increase of 1.2 million barrels.
Gasoline stocks fell by 596,000 barrels, while distillate inventories fell by 159,000 barrels, the data showed.
"The report was bullish ... due to a sharp decline in imports," said John Kilduff, a partner at Again Capital LLC in New York. "The fall in crude oil inventories also came despite lowered refinery operating rates."
Prices have gained about 30 percent so far this year as the global supply outlook has tightened due to U.S. sanctions on crude exporters Iran and Venezuela, as well as supply cuts by OPEC, Russia and their allies.
Still, prices were pressured by the trade war between the world's two largest economies. The United States will raise tariffs to 25% from 10% on $200 billion worth of Chinese imports effective Friday, according to a notice posted to the Federal Register. President Donald Trump had threatened the duties after China backtracked on a trade deal.
Chinese Vice Premier Liu He will travel to Washington for two days of trade talks this week, China said on Tuesday.
"The market is fearful that the other shoe is going to drop on the global economy if we get into a trade war; it will hurt oil demand," said Phil Flynn, an analyst at Price Futures Group in Chicago. "So people have been bearish because of that."
China's crude imports in April hit a record for the month, at 10.64 million barrels per day (bpd), customs data showed on Wednesday. The country is the world's biggest oil importer.
Saudi Arabia is expected to keep its crude exports below 7 million barrels per day in June, while output would stay under its production quota under a global deal to cut supply, a Gulf source familiar with Saudi oil plans said.
Azerbaijan's oil minister said it had received assurances from Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, that Riyadh would not take any unilateral decisions on the global oil deal until OPEC's June meeting.
(Additional reporting by Ron Bousso in London, Henning Gloystein in Singapore; Editing by Dale Hudson and David Gregorio)