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
Oil futures sank on Wednesday as an unexpected build in U.S. crude stockpiles compounded investor worries that a prolonged trade war between Washington and Beijing could dent crude demand.
U.S. West Texas Intermediate crude futures settled $1.71 lower at $61.39, tumbling 2.7 percent to the lowest closing level in more than a week. Brent crude futures fell $1.19, or 1.7%, at $70.99 at barrel.
U.S. crude inventories swelled by 4.7 million barrels in the latest week to their highest since July 2017, the U.S. Energy Information Administration reported. Analysts polled by Reuters had forecast a decrease of 599,000 barrels as refineries cut output.
"It's at the extreme end of the range of possibilities for a bearish report," said Bob Yawger, director of futures at Mizuho in New York. "It's about as bad as it could have been considering the fact that driving season is so close."
Gasoline stocks posted a surprise build as well, rising by 3.7 million barrels compared with analysts' expectations for an 816,000-barrel drop.
The prospect of a long-term tariff fight between China and the United States also pressured prices. No further talks between top officials have been scheduled since the last round ended in a stalemate on May 10.
The conflict is weighing on economic growth forecasts and oil demand predictions. The Organization for Economic Co-Operation and Development (OECD) on Tuesday revised down its global growth forecast for the year.
PVC's Stephen Brennock said with the fragile balance in the market, any fresh development between the United States and Iran on the one hand and the United States and China on the other has the "potential to send prices $10 a barrel in either direction."
Beyond market fundamentals, oil traders are looking to the tensions between the United States and Iran. On Tuesday, acting U.S. Defense Secretary Patrick Shanahan said threats from Iran remained high.
Outside the United States, Saudi Arabia on Wednesday said it was committed to a balanced and sustainable oil market. Saudi Arabia has been at the forefront of supply cuts led by OPEC that began in January.
U.S. bank Morgan Stanley said it expected Brent prices to trade in a $75-$80 per barrel range in the second-half of this year, pushed up by tight supply and demand fundamentals.
The physical oil market is also showing signs of tightness.
Qatar Petroleum has sold al-Shaheen July delivery crude at the highest average premium since 2013 on robust demand for medium-heavy grades in Asia, trade sources said.