Dow falls 170 points, snaps 3-day winning streak

The major indexes fell to their session lows in the final minutes of the trading session as Treasury yields declined as well. Netflix shares pulled back 3.4%. Bank shares such as Citigroup, Bank of America and J.P. Morgan Chase all traded lower as Treasury yields pulled back. The benchmark 10-year yield fell about 5 basis points on Tuesday, or 0.05 percentage points, to 1.54%. Equities rose sharply on Monday — with the Dow rallying nearly 250 points — as bond yields paused their recent and sizab


The major indexes fell to their session lows in the final minutes of the trading session as Treasury yields declined as well. Netflix shares pulled back 3.4%. Bank shares such as Citigroup, Bank of America and J.P. Morgan Chase all traded lower as Treasury yields pulled back. The benchmark 10-year yield fell about 5 basis points on Tuesday, or 0.05 percentage points, to 1.54%. Equities rose sharply on Monday — with the Dow rallying nearly 250 points — as bond yields paused their recent and sizab
Dow falls 170 points, snaps 3-day winning streak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: fred imbert
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Dow falls 170 points, snaps 3-day winning streak

The Dow Jones Industrial Average fell for the first time in four sessions on Tuesday, paring some of the strong gains from the previous session as recession fears lingered.

The 30-stock index closed 173.35 points lower, or 0.7%, at 25,962.44. The S&P 500 pulled back 0.8% to end the day at 2,900.51. The Nasdaq Composite slid 0.7% to 7,948.56. The major indexes fell to their session lows in the final minutes of the trading session as Treasury yields declined as well.

Home Depot helped keep losses in check. Shares of the home improvement retailer rose 4.4% on better-than-expected earnings. However, Home Depot warned tariffs could hit consumer spending and cut its full-year revenue outlook.

Still, the Dow has recovered a large chunk of its 800-point drop from Wednesday while the S&P 500 and Nasdaq have also regained some of their losses from that day.

“When you’re on a roller coaster, the only thing you can be sure of is you’ll end up back where you started,” said Brian Nick, chief investment strategist at Nuveen, noting the market is back where it was a year ago. “We haven’t gone much of anywhere because the economy is moving ahead, but the trade war is setting up these intermittent potholes and the global economy keeps slowing in the background.”

Chip stocks, which are sensitive to trade news, contributed to Tuesday’s decline. Micron Technology and Advanced Micro Devices dipped 1.7% and 2.4%, respectively. Netflix shares pulled back 3.4%.

Bank shares such as Citigroup, Bank of America and J.P. Morgan Chase all traded lower as Treasury yields pulled back. The benchmark 10-year yield fell about 5 basis points on Tuesday, or 0.05 percentage points, to 1.54%.

“I think yields moving down, just kind of got them going. For the past two weeks whenever yields move down, stocks move down,” said Art Cashin, director of NYSE floor operations at UBS.

Equities rose sharply on Monday — with the Dow rallying nearly 250 points — as bond yields paused their recent and sizable decline, temporarily easing ongoing recession fears.

The White House stepped in the ongoing debate over whether the U.S. economy will soon enter into recession mode, highlighting the strength in the U.S. economy.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: fred imbert
Keywords: news, cnbc, companies, treasury, pulled, 3day, falls, snaps, winning, streak, yields, economy, shares, session, dow, recession, 170, points, fell


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European stocks close lower in choppy session

The pan-European Stoxx 600 finished the session provisionally down 0.33% in afternoon trade, autos leading losses with a 1.5% fall as the majority of sectors and major bourses dropped into the red. European stocks traded lower Thursday amid a volatile session following a global sell-off as bond markets stoked fears of an impending recession. Global markets were routed on Wednesday as the U.S. 2-year/10-year Treasury yield curve inverted for the first time since 2007, while the U.K. 2-year/10-yea


The pan-European Stoxx 600 finished the session provisionally down 0.33% in afternoon trade, autos leading losses with a 1.5% fall as the majority of sectors and major bourses dropped into the red. European stocks traded lower Thursday amid a volatile session following a global sell-off as bond markets stoked fears of an impending recession. Global markets were routed on Wednesday as the U.S. 2-year/10-year Treasury yield curve inverted for the first time since 2007, while the U.K. 2-year/10-yea
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Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: elliot smith
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European stocks close lower in choppy session

The pan-European Stoxx 600 finished the session provisionally down 0.33% in afternoon trade, autos leading losses with a 1.5% fall as the majority of sectors and major bourses dropped into the red. Utilities were the standout performers, gaining 0.7%.

European stocks traded lower Thursday amid a volatile session following a global sell-off as bond markets stoked fears of an impending recession.

Global markets were routed on Wednesday as the U.S. 2-year/10-year Treasury yield curve inverted for the first time since 2007, while the U.K. 2-year/10-year curve inverted for the first time in over a decade. Yield curve inversions are traditionally seen as indicators of an oncoming recession. German and French bond yields also hit record lows.

Weak economic data out of Germany and the euro zone compounded fears within Europe, with the German economy contracting in the second quarter.

Earlier, Asian stocks tumbled Thursday, led by the Japanese Nikkei 225, which fell 1.56%.

Stateside, the Dow Jones Industrial Average dropped over 800 points, posting its worst day of 2019 and falling to a two-month low. Shortly after the open Thursday, all three major indices were hovering unsteadily around the flat-line.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: elliot smith
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One California police officer killed, two injured in Riverside gun battle

China fixes its yuan midpoint at 7.0326 per dollar, stronger than…Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates. China Economyread more


China fixes its yuan midpoint at 7.0326 per dollar, stronger than…Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates. China Economyread more
One California police officer killed, two injured in Riverside gun battle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: joanna tan
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One California police officer killed, two injured in Riverside gun battle

China fixes its yuan midpoint at 7.0326 per dollar, stronger than…

Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates.

China Economy

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: joanna tan
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China fixes yuan midpoint at 7.0211 on Monday — weaker than 7 for three consecutive sessions

The People’s Bank of China set the official midpoint reference for the yuan at 7.0211 per dollar on Monday — weaker than Friday’s session, but stronger than what market watchers predicted. This is the third consecutive session where the central bank set the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar level. A weaker currency makes a country’s exports cheaper and the Trump administration has consistently complained that a cheaper yuan will give China a trade ad


The People’s Bank of China set the official midpoint reference for the yuan at 7.0211 per dollar on Monday — weaker than Friday’s session, but stronger than what market watchers predicted. This is the third consecutive session where the central bank set the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar level. A weaker currency makes a country’s exports cheaper and the Trump administration has consistently complained that a cheaper yuan will give China a trade ad
China fixes yuan midpoint at 7.0211 on Monday — weaker than 7 for three consecutive sessions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, china, currency, trade, weaker, session, set, midpoint, rate, yuan, consecutive, dollar, sessions, 70211, fixes


China fixes yuan midpoint at 7.0211 on Monday — weaker than 7 for three consecutive sessions

The People’s Bank of China set the official midpoint reference for the yuan at 7.0211 per dollar on Monday — weaker than Friday’s session, but stronger than what market watchers predicted.

This is the third consecutive session where the central bank set the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar level.

Analysts were expecting the PBOC to set the midpoint at 7.0331 per dollar, according to Reuters estimates.

Investors have been monitoring the dollar/yuan exchange rate closely following an escalation in trade tensions between Beijing and Washington.

The yuan depreciated past 7 per dollar on Monday last week for the first time since the global financial crisis in 2008, which prompted the U.S. Treasury Department to designate China as a currency manipulator. A weaker currency makes a country’s exports cheaper and the Trump administration has consistently complained that a cheaper yuan will give China a trade advantage.

The PBOC allows the local currency to fluctuate against the greenback within a narrow band of 2% from each day’s midpoint. This is known as the onshore yuan, whereas the less restrictive exchange rate used outside mainland China is known as the offshore yuan.

Onshore yuan was near flat at 7.0613 per dollar while the offshore yuan traded around 7.0887 on Monday at 11.24 a.m. HK/SIN.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: saheli roy choudhury
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Pelosi urges Trump to call Senate back into session to consider gun legislation

U.S. House Speaker Nancy Pelosi, a Democrat from California, speaks to members of the media while departing a House Democratic Caucus meeting on Capitol Hill in Washington, D.C., March 26, 2019. House Speaker Nancy Pelosi sent a letter to President Donald Trump on Thursday urging him to bring Senate lawmakers back into session to consider gun legislation following a weekend of devastating shootings. Pelosi’s letter comes in the wake of two deadly shootings in El Paso, Texas, and Dayton, Ohio, as


U.S. House Speaker Nancy Pelosi, a Democrat from California, speaks to members of the media while departing a House Democratic Caucus meeting on Capitol Hill in Washington, D.C., March 26, 2019. House Speaker Nancy Pelosi sent a letter to President Donald Trump on Thursday urging him to bring Senate lawmakers back into session to consider gun legislation following a weekend of devastating shootings. Pelosi’s letter comes in the wake of two deadly shootings in El Paso, Texas, and Dayton, Ohio, as
Pelosi urges Trump to call Senate back into session to consider gun legislation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: jordan mcdonald
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Pelosi urges Trump to call Senate back into session to consider gun legislation

U.S. House Speaker Nancy Pelosi, a Democrat from California, speaks to members of the media while departing a House Democratic Caucus meeting on Capitol Hill in Washington, D.C., March 26, 2019.

House Speaker Nancy Pelosi sent a letter to President Donald Trump on Thursday urging him to bring Senate lawmakers back into session to consider gun legislation following a weekend of devastating shootings.

Pelosi’s letter comes in the wake of two deadly shootings in El Paso, Texas, and Dayton, Ohio, as well as gun violence in Chicago.

“Mr. President, we have an opportunity to work in a bipartisan way to pass gun violence prevention background checks,” Pelosi, D- Calif., said in her letter. “This extraordinary moment in our history requires all of us to take extraordinary action to save lives.”

Earlier this week, House Democrats sent a letter to Senate Majority Leader Mitch McConnell’s office urging him to bring the Senate back into session to pass two bills expanding universal background checks and closing gun show loopholes. So far, McConnell, R-Ky., has not brought the legislation up for a vote.

“In February, the new Democratic House Majority took swift action to pass these bipartisan bills which not only save lives, but also has the support of more than 90 percent of the American people,” the letter, which was signed by over 200 Democratic members, said, “This inaction must stop.”

Trump said Wednesday that he would bring lawmakers back to Washington from their August recess if Republicans and Democrats can “get close” on a gun reform proposal.

“If we get close, I will bring them back, but it has to be — you know, we have to see where we are with leadership,” the president told reporters. “Normally, this has been really a decision — Congress gets together and they try to do something, but if you look over the last 30 years, not a lot has been done.”

McConnell has said he will not bring Congress back into session early from its August recess, but on a Kentucky radio show Thursday said he is willing to have the conversation on red flag laws, background checks and even assault weapons bans.

“We want to see if we can achieve something on a bipartisan basis. I don’t want to just engage in finger-pointing or making a point,” McConnell said. “What has happened after every one of these shootings has been a temptation to just engage in political discourse rather than actually passing something.”


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: jordan mcdonald
Keywords: news, cnbc, companies, gun, session, legislation, letter, consider, bring, house, urges, pass, senate, pelosi, president, trump, democratic


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Trump hosts US airline executives — and their Qatari rival — amid tensions over Gulf state subsidies

U.S. airline executives left a meeting with President Donald Trump at the White House Thursday without securing a commitment to intervene in a long-running dispute over Middle Eastern air carriers, according to White House officials and people familiar with the meeting. The private session in the Oval Office with executives from United Airlines, American Airlines, among others, highlighted tensions between the U.S. air carriers and the White House over steps taken by a Qatari competitor. U.S. ca


U.S. airline executives left a meeting with President Donald Trump at the White House Thursday without securing a commitment to intervene in a long-running dispute over Middle Eastern air carriers, according to White House officials and people familiar with the meeting. The private session in the Oval Office with executives from United Airlines, American Airlines, among others, highlighted tensions between the U.S. air carriers and the White House over steps taken by a Qatari competitor. U.S. ca
Trump hosts US airline executives — and their Qatari rival — amid tensions over Gulf state subsidies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: eamon javers phil lebeau, eamon javers, phil lebeau
Keywords: news, cnbc, companies, tensions, gulf, airline, qatari, rival, session, qatar, state, sought, trump, air, white, carriers, amid, hosts, executives, house, subsidies


Trump hosts US airline executives — and their Qatari rival — amid tensions over Gulf state subsidies

U.S. airline executives left a meeting with President Donald Trump at the White House Thursday without securing a commitment to intervene in a long-running dispute over Middle Eastern air carriers, according to White House officials and people familiar with the meeting.

The private session in the Oval Office with executives from United Airlines, American Airlines, among others, highlighted tensions between the U.S. air carriers and the White House over steps taken by a Qatari competitor. The Doha-based airline serves the U.S. from Qatar but also has a minority stake in Air Italy, which has in recent years added routes to the U.S. from Milan. U.S. carriers have sought to limit the expansion of carriers which they argue receive unfair government support. The meeting came amid bruised feelings both at the White House and in the industry — although all participants sought to put a good face on the session after the fact.

The episode revealed that there are limits to the president’s generally protectionist approach to benefiting U.S. companies at the expense of their foreign competitors. In this case, Trump didn’t take action to benefit the American carriers — an outcome that was beneficial to the Qatari airline. Qatar is also proving a tricky piece in the dispute since it is a big consumer of U.S. goods. Earlier this month, Trump touted Qatar Airways’ purchase of five freighters made by Boeing and its use of General Electric engines to power new planes.


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: eamon javers phil lebeau, eamon javers, phil lebeau
Keywords: news, cnbc, companies, tensions, gulf, airline, qatari, rival, session, qatar, state, sought, trump, air, white, carriers, amid, hosts, executives, house, subsidies


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Gold retreats from 2-week peak as investors lock in profits

Gold prices pulled back from a two-week high to trade lower on Thursday, as some investors took advantage of the last session’s gain to book profits. Spot gold was down 0.4% at $1,420.60 per ounce, as of 0736 GMT, after hitting its highest since July 3 at $1,428.40. U.S. gold futures edged 0.1% lower to $1,421.60 an ounce. Among other precious metals, silver was up 0.1% at $15.99 per ounce, after hitting its highest since Feb. 20 at $16.12. Platinum rose 0.6% to $848.11 an ounce and palladium ga


Gold prices pulled back from a two-week high to trade lower on Thursday, as some investors took advantage of the last session’s gain to book profits. Spot gold was down 0.4% at $1,420.60 per ounce, as of 0736 GMT, after hitting its highest since July 3 at $1,428.40. U.S. gold futures edged 0.1% lower to $1,421.60 an ounce. Among other precious metals, silver was up 0.1% at $15.99 per ounce, after hitting its highest since Feb. 20 at $16.12. Platinum rose 0.6% to $848.11 an ounce and palladium ga
Gold retreats from 2-week peak as investors lock in profits Cached Page below :
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Gold retreats from 2-week peak as investors lock in profits

Gold prices pulled back from a two-week high to trade lower on Thursday, as some investors took advantage of the last session’s gain to book profits.

Spot gold was down 0.4% at $1,420.60 per ounce, as of 0736 GMT, after hitting its highest since July 3 at $1,428.40. It rose nearly 1.5% in the previous session as the dollar slipped after weaker-than-expected U.S. housing data increased prospects for an interest rate cut by the Federal Reserve.

U.S. gold futures edged 0.1% lower to $1,421.60 an ounce.

“A slightly weaker dollar and a clear preference from investors over the last 24 hours drove safe-haven assets higher,” said Michael McCarthy, chief market strategist, CMC Markets.

“From gold’s point of view, it approached a key resistance level around $1,430, and having failed to push through it, it looks like short-term trading investors are taking advantage of gains.”

The dollar index was down 0.2% against a basket of major currencies on Thursday. It climbed to a one-week peak in the previous session on robust U.S. retail sales, but nudged lower as Treasury yields fell in the wake of weak U.S. housing market data and concerns about the unresolved U.S.-China trade conflict.

Meanwhile, the Fed is widely expected to lower interest rates by 25 basis points at its policy meeting at the end of the month, with some in the market even betting on a 50 basis point cut.

The Fed reported on Wednesday that the U.S. economy continued growing at a “modest” rate in recent weeks, with consumers continuing to spend and a “generally positive” outlook overall even in the face of disruptions caused by the U.S. trade policy.

Earlier in the week, U.S. President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods.

“Bullion is likely to see strong support after the Fed’s Beige Book emphasised policymakers’ concern on negative impact of trade uncertainty,” Edward Moya, a senior market analyst at OANDA, said in a note.

Indicative of sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.48% to 803.18 tonnes on Wednesday from 799.37 tonnes on Tuesday.

Among other precious metals, silver was up 0.1% at $15.99 per ounce, after hitting its highest since Feb. 20 at $16.12. The metal was on track for a fifth consecutive session of gains.

Platinum rose 0.6% to $848.11 an ounce and palladium gained 0.1% to $1,538.95.


Company: cnbc, Activity: cnbc, Date: 2019-07-18
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Gold rises after IMF says US dollar is overvalued

Gold rose slightly on Wednesday as the dollar dipped following remarks from the International Monetary Fund on the U.S. currency. Spot gold traded 0.3% higher at $1,410.06 per ounce. The dollar index, which tracks the greenback’s performance against six other currencies, fell 0.1% after the IMF said the U.S. currency is overvalued by 6% to 12%, based on near-term economic fundamentals. The IMF’s comment is likely to give President Donald Trump more fodder for his frequent complaints that dollar


Gold rose slightly on Wednesday as the dollar dipped following remarks from the International Monetary Fund on the U.S. currency. Spot gold traded 0.3% higher at $1,410.06 per ounce. The dollar index, which tracks the greenback’s performance against six other currencies, fell 0.1% after the IMF said the U.S. currency is overvalued by 6% to 12%, based on near-term economic fundamentals. The IMF’s comment is likely to give President Donald Trump more fodder for his frequent complaints that dollar
Gold rises after IMF says US dollar is overvalued Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17
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Gold rises after IMF says US dollar is overvalued

Gold rose slightly on Wednesday as the dollar dipped following remarks from the International Monetary Fund on the U.S. currency.

Spot gold traded 0.3% higher at $1,410.06 per ounce. U.S. gold futures climbed just 0.04% to $1,411.80.

The dollar index, which tracks the greenback’s performance against six other currencies, fell 0.1% after the IMF said the U.S. currency is overvalued by 6% to 12%, based on near-term economic fundamentals.

The IMF’s comment is likely to give President Donald Trump more fodder for his frequent complaints that dollar strength is hampering U.S. exports.

Earlier in the day, gold had traded slightly lower as stronger economic data from the previous session dampened hope for a rate cut later this month.

Chicago Fed President Charles Evans, meanwhile, said on Tuesday that an interest rate cut of a half a percentage point at the U.S. central bank’s July 30-31 policy meeting could mean that the Fed’s inflation goal is reached sooner.

Investors now await the Fed’s ‘Beige Book’ later in the day for insight on how trade tensions are affecting the business outlook.

Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion. They also boost the dollar, in which the metal is priced.

In the latest on the trade row, Trump said on Tuesday the United States still has a long way to go to conclude a deal with China but could impose tariffs on an additional $325 billion worth of Chinese goods if needed.

“Gold remains locked within the $1,400 – $1,420 range, while more broadly we look for a move outside of $1,380 – $1,440 for medium-term direction,” trading firm MKS PAMP said in a note.

Meanwhile, silver held steady at $15.56 an ounce, extending gains for a fourth straight session. It hovered close to a more than four-month high of $15.69.


Company: cnbc, Activity: cnbc, Date: 2019-07-17
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Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potenti


Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potenti
Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, progress, pompeo, program, state, drops, production, negotiate, crude, session, oil, data, earlier, iran, missile, futures, ready, prices


Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.

Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09.

West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day.

“What were tailwinds have become headwinds,” said Bob Yawger, director of energy futures at Mizuho in New York. He said the same tensions between the United States and Iran that had driven prices higher earlier in the session were putting a damper on the market after Trump’s comments.

Trump said on Tuesday a lot of progress had been made with Iran and that he was not looking for regime change in the country.

Trump, who made the remarks at a Cabinet meeting in the White House, did not give details about the progress, but U.S. Secretary of State Mike Pompeo said at the meeting Iran had said it was prepared to negotiate about its missile program.

Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potential for a price spike should the situation deteriorate.

Uncertainty about China’s economic prospects also pressured prices lower after data on Monday showed that growth in the country slowed to 6.2% from a year earlier, the weakest pace in at least 27 years.

Additionally, U.S. oil companies on Monday began restoring some of the nearly 74% of production that was shut at platforms in the Gulf of Mexico because of Hurricane Barry.

Workers were returning to the more than 280 production platforms that had been evacuated. It can take several days for full production to resume.

The storm will probably result in a noticeable decline in U.S. crude oil stocks this week, analysts at Commerzbank said.

Inventory data will be published by the American Petroleum Institute on Tuesday evening, and by the U.S. Department of Energy on Wednesday.

However, some say the bullish inventory data is structural, and not attributable only to the storm.

“Beyond the storm we feel we’re in a tightening inventory mode through August,” said Phil Flynn, an analyst with Price Futures Group in Chicago.


Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, progress, pompeo, program, state, drops, production, negotiate, crude, session, oil, data, earlier, iran, missile, futures, ready, prices


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Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day. Trump said on Tuesday a lot of progress had been made with Iran and


Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day. Trump said on Tuesday a lot of progress had been made with Iran and
Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16
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Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.

Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09.

West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day.

“What were tailwinds have become headwinds,” said Bob Yawger, director of energy futures at Mizuho in New York. He said the same tensions between the United States and Iran that had driven prices higher earlier in the session were putting a damper on the market after Trump’s comments.

Trump said on Tuesday a lot of progress had been made with Iran and that he was not looking for regime change in the country.


Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, futures, crude, program, session, progress, ready, state, iran, oil, prices, barrel, earlier, negotiate, pompeo, drops, tensions, missile, high


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