The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately told business executives and free traders that the trade war could end by the 2020 election and that hurdles to an immediate agreement...2020 Electionsread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Home Depot CFO Carol Tome says "consumer confidence is near record high levels" but "consumer demand could be impacted" by lingering U.S.-China trade tensions.Mad Money with Jim Cramerread more
The company's stock seesawed after the markets closed Tuesday, initially swinging up by 4% before falling by about 2%.Retailread more
VMware has become accepting of the corporate rush to the cloud. A new acquisition could help it make more revenue as companies adopt a modern approach called serverless...Technologyread more
minister@ (Adds comments by UAE energy minister, details on OPEC, industry background)
MONTREAL, June 11 (Reuters) - Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts, the energy minister of the United Arab Emirates said on Tuesday.
Speaking at the International Economic Forum of the Americas, Energy Minister Suhail bin Mohammed al-Mazroui said that given existing oil inventories the output curbs should remain in place or be extended "at least until the end of the year."
The "right decision will be a rollover," said al-Mazroui, noting he favors continuing the curbs.
OPEC and producer allies including Russia last year agreed to cut their output beginning on Jan. 1 to avoid a supply glut. The agreement was to reduce supply by 1.2 million barrels per day (bpd) for six months using October production as a baseline.
Even as OPEC and allies reduce output, U.S. shale output has continued to rise and some analysts predict weaker economic growth will reduce oil demand. U.S. shale producers this month will add 83,000 bpd, hitting 8.49 million bpd, the Energy Information Administration said last month.
"I think the demand for oil will remain solid in 2020," al-Mazroui said later in an interview on the sidelines of the economic forum.
OPEC is currently scheduled to meet on June 25, followed by talks with its allies led by Russia on June 26. However, Russia suggested moving the meeting to July 3-4 and Riyadh supports the request, sources within the organization previously told Reuters.
Iranian Oil Minister Bijan Zanganeh, in a letter seen by Reuters, said he disagreed with an OPEC proposal to reschedule the group's next meeting to early July.
We are working the dates, al-Mazroui told reporters later on the sidelines of the forum, emphasizing that he did not have a preference for June or July.
To me it doesnt matter, " he said. "Were talking about a separation of two weeks. The most important is what we know today and what we know today tells us that we need to extend, in my view.
He added he believes trade tensions between the United States and China will be resolved going forward. (Reporting by Allison Lampert in Montreal Editing by Lisa Shumaker and Matthew Lewis)