The Business Roundtable said its members forecast that growth this year will clock in at 2.3%, down from last quarter's estimate of 2.6%.Politicsread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Drone and missile debris recovered by investigators at the Saudi Aramco attack site is proof of Iranian culpability, a Saudi defense ministry representative told media on...World Politicsread more
Four Wall Street firms downgraded FedEx after the company's poor earnings report.Marketsread more
Some worry the regulators will squander an opportunity to crack down on potentially monopolistic behavior due to their own infighting.Technologyread more
FedEx CEO Fred Smith is "basically implying that we're going to import" a global slowdown," says CNBC's Jim Cramer.Investingread more
Oil prices retreated after President Donald Trump said he ordered the Treasury Department to "substantially increase" sanctions on Iran.Energy Commoditiesread more
* Brent, WTI both rise more than $1/bbl
* U.S. weekly crude production hits record 12.5 million bpd - EIA
* Graphic on U.S. inventories: https://tmsnrt.rs/2y7dfqh (Adds U.S. weekly energy data, updates prices, market activity and comments; changes byline, dateline, previous LONDON)
NEW YORK, Aug 28 (Reuters) - Oil prices gained more than 2% on Wednesday after data showing a fall in U.S. crude stockpiles helped ease worries about weakening oil demand caused by the China-U.S. trade war.
Brent crude futures were up $1.33, or 2.2% to $60.84 a barrel by 10:55 a.m. EDT (1455 GMT). WTI crude futures rose $1.42, or 2.6%, to $56.35 a barrel.
Although the two benchmarks recorded their biggest daily gains in eleven sessions on Wednesday, they are headed for monthly losses of around 7% and 4%, respectively, weighed down by trade barriers between the world's two biggest oil consumers.
U.S. crude oil inventories fell last week by 10 million barrels, compared with analysts' expectations for a decrease of 2.1 million barrels, as imports slowed, the Energy Information Administration said.
Gasoline stocks fell by 2.1 million barrels, compared with analysts' expectations in a Reuters poll for a 388,000-barrel drop.
"It was an incredibly bullish report, one of the more bullish we've had in a while, with draws across the board and of course the massive crude oil drop, which was generated by another drop in imports," said John Kilduff, a partner at Again Capital in New York. That draw down was likely due to a drop in Saudi exports to the U.S, Kilduff said.
U.S. President Donald Trump said on Monday that he believed China was sincere about wanting to reach a trade deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" negotiations.
On Tuesday, however, concerns resurfaced after China's foreign ministry said it had not heard of any recent telephone call between the United States and China on trade, and that it hoped Washington could create conditions for talks.
Crude prices have fallen about a fifth from 2019 highs hit in April, partly because of worries that the trade war is hurting the global economy and could dent oil demand.
Morgan Stanley on Wednesday lowered its price outlook for the rest of the year for Brent to around $60 per barrel from $65 and for U.S. crude to $55 per barrel from $58 as it downgraded its demand growth forecast for this year and next.
For a factbox on oil price forecasts click
(Additional reporting by Shadia Nasralla in LONDON and Aaron Sheldrick in TOKYO; Editing by Marguerita Choy and Louise Heavens)