After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
Japanese manufacturing activity shrank for a fourth straight month in August as export orders fell at a sharper pace, Reuters reported citing a preliminary business survey.Asia Marketsread more
Analysts generally doubt how effective the People Bank of China's latest interest rate announcement will be in significantly helping businesses grow.China Economyread more
The Washington governor had centered his campaign around climate change, calling it "the most urgent challenge of our time."Politicsread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
Ford is one of four automakers that reached a voluntary agreement with California on fuel efficiency rules, defying Trump and his administration's effort to strip the state of...Autosread more
See which stocks are posting big moves after the bell.Market Insiderread more
"I'd love to say that the optimistic universe is most likely to prevail, but the talking heads talk endlessly about how a recession is inevitable," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
* U.S. to delay imposing tariffs on some Chinese products
* China Vice Premier holds talks with U.S. trade officials
* U.S. shale output set to rise to new record in Sept.
* Saudi expected to prop up oil prices ahead of IPO - analyst
* Coming up - U.S. weekly oil inventories from API at 2030 GMT (Adds latest prices, changes dateline, previous LONDON)
NEW YORK, Aug 13 (Reuters) - Oil prices rose over 3% on Tuesday after the United States said it will delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.
Those Chinese products include laptops and cell phones. The tariffs had been scheduled to start next month.
Brent futures were up $2.08, or 3.6%, to $60.65 a barrel by 11:07 a.m. EDT (1507 GMT), while U.S. West Texas Intermediate crude was up $1.86, or 3.4%, to $56.79.
Prior to Tuesday's gain, Brent was trading down more than 20% since hitting its 2019 high in April.
Earlier Tuesday, the premium of Brent over WTI <WTCLc1-LCOc1> fell to its lowest since March 2018.
The U.S. dollar index jumped and bond yields also turned higher after the U.S. Trade Representative said the Trump administration would delay imposing the tariffs on certain Chinese products.
Oil prices see-sawed earlier in the day, caught between demand worries and rising global supplies and expectations for deeper production cuts from leading producers.
U.S. oil output from seven major shale formations was expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.
"The big test now is whether the shale producers can keep growing production at these lower price levels," said Callum Macpherson, head of commodities at Investec.
"This could be the start of a re-adjustment process from the artificially high prices OPEC is implicitly trying to maintain down to something more in line with the marginal shale production costs," Macpherson said.
Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries, last week said it planned to keep its crude exports below 7 million bpd in August and September to help to drain global oil inventories.
The kingdom's plan to float its national oil company Saudi Aramco in what could be the world's largest initial public offering (IPO) gives it further impetus to boost prices.
"With Saudi Aramco reportedly eyeing an IPO once again, there is some support to the idea that Saudi Arabia has a heightened interest in strong crude prices and will cut its own output accordingly," Vienna-based consultancy JBC Energy said.
OPEC and its allies, known as OPEC+, have agreed to cut 1.2 million bpd of production since Jan. 1.
In the United States, analysts forecast crude stockpiles dropped by 2.8 million barrels last week, according to a Reuters poll. The American Petroleum Institute (API), an industry group, is due to release its inventory report at 4:30 p.m. EDT (2030 GMT) on Tuesday, followed by U.S. government data on Wednesday morning.
(Additional reporting by Ron Bousso in London and Roslan Khasawneh in Singapore; Editing by Marguerita Choy and David Goodman)