The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
* U.S. manufacturing shrinks for first time in 3 years
Trump warns China against dragging its feet on trade
* U.S. oil falls 2%, Brent down almost 1% (New throughout, updates prices, market activity and comments to settlement)
By Stephanie Kelly
NEW YORK, Sept 3 (Reuters) - Oil prices fell on Tuesday, with U.S. crude futures down 2% after manufacturing data raised concerns about a weakening global economy, while the U.S.-China trade dispute continued to drag on investor sentiment.
U.S. West Texas Intermediate (WTI) crude futures fell $1.16, or 2.1%, to settle at $53.94 a barrel. The session low was $52.84 a barrel, the lowest since Aug. 9.
Brent crude futures lost 40 cents, or 0.7%, to settle at $58.26 a barrel. It sank as low as $57.23 a barrel, also the weakest since Aug. 9.
Prices extended losses following data that showed U.S. manufacturing activity in August contracted for the first time in three years. Earlier, separate data showed euro zone manufacturing activity contracted for a seventh month in August.
"That deterioration is continuing to undermine the demand growth outlook for oil," said John Kilduff, a partner at Again Capital in New York.
Oil prices have fallen around 20% since a 2019 peak reached in April, hit by concerns the trade war would dent oil demand.
U.S. President Donald Trump said on Tuesday that trade talks between the United States and China were going well, though he warned he would be "tougher" in negotiations if discussions drag on until his second term. Trump said the two sides would meet for talks this month.
Chinese Vice Premier Liu He said China firmly opposes a trade war, the state news agency Xinhua reported.
Washington began imposing 15% tariffs on an array of Chinese imports on Sunday, while China began placing new duties on U.S. crude oil.
The U.S.-China trade dispute "is the single most important flat price driver of late," said Tamas Varga of oil brokerage PVM.
On the supply side, Venezuela's oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, following tougher U.S. sanctions.
Russian oil production <C-RU-OUT> in August rose to 11.294 million barrels per day (bpd), data showed on Monday, hitting its highest since March and topping the rate Moscow pledged under a pact with the Organization of Petroleum Exporting Countries (OPEC).
"Downside price pressures were accentuated today by weekend indications that OPEC had lifted production in August on a month-to-month basis for the first time this year while Russia is reportedly producing beyond agreed upon quota," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Data due this week on U.S. inventory levels will be delayed by a day to Wednesday and Thursday because of the U.S. Labor Day holiday on Monday.
Oil prices are likely to remain range-bound for the "foreseeable future" and there will be little spending growth in North American oil and gas fields in the near to medium term, Lorenzo Simonelli, chief executive of General Electric Co's Baker Hughes said.
(Reporting by Stephanie Kelly; Additional reporting by Dmitry Zhdannikov in London and Aaron Sheldrick in Tokyo Editing by David Goodman, Lisa Shumaker and David Gregorio)