A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
The MTA reported that the 1, 2, 3, 4, 5 and 6 trains are all facing delays due to a network communications issue impacting service in both directions, NBC New York reports.Transportationread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
US officials including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow will host a meeting at the White House on Monday of semiconductor and...Technologyread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
The lawsuits allege J&J's talc-based baby powder contained asbestos and caused ovarian and other cancers.Health and Scienceread more
* Saudi, Russia, Iran, Iraq endorse pact to extend supply cuts
* Saudi Arabia's Falih says deal likely to be extended by 9 months
* Falih says no additional cuts required
* World crude oil output, demand https://tmsnrt.rs/2ZIjBbe
* U.S. oil production https://tmsnrt.rs/2Ino66i (Changes dateline to London, updates prices, adds detail)
LONDON, July 1 (Reuters) - Oil prices rose over $2 a barrel on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.
Front-month Brent crude futures touched an intraday high of $66.75 a barrel and were up $1.80 at $66.54 a barrel by 0834 GMT.
U.S. crude futures for August climbed $1.57 to $60.04 a barrel, after earlier hitting their highest in over five weeks at $60.28.
Iran - under U.S. sanctions alongside OPEC ally Venezuela - on Monday joined top producers Saudi Arabia, Iraq and Russia in supporting a policy aimed at propping up the price of crude amid a weakening global economy.
The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, meet on Monday and Tuesday to discuss supply cuts. The group has been reducing oil output since 2017 to prevent prices from sliding amid a weakening global economy and soaring U.S. production.
Russian President Vladimir Putin said on Sunday he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day (bpd) by six to nine months.
Saudi Energy Minister Khalid al-Falih said the deal would most likely be extended by nine months and no deeper reductions were needed.
"If Russia, Saudi Arabia and the other key OPEC members keep production at the levels they produced in H1-19 they will ensure that the global oil market is not flowing over. They will only have to pay a small restraint while reaping a nice oil price of $60-70 a barrel," said SEB's Bjarne Schieldrop.
"OPEC as a whole is losing market share. But this burden is not evenly distributed as it is Venezuela and Iran who are taking almost all the pain."
Oil prices have come under renewed pressure in recent months from rising U.S. supplies and a slowing global economy.
U.S. crude oil output in April rose to a fresh monthly record of 12.16 million bpd, according to the U.S. Energy Information Administration, even though shale production growth likely peaked last year.
Meanwhile, financial markets were buoyed by a thawing of U.S.-China relations after leaders of the world's two largest economies agreed on Saturday to restart trade talks.
However, Citi analysts viewed the announcements as a temporary truce to de-escalate the trade and tariff war, and were skeptical that both sides can reach a deal soon.
(Additional reporting by Florence Tan in SINGAPORE; editing by David Evans)