Market

An aerial drone view of a crude oil storage facility on April 23, 2020 in Cushing, Oklahoma. Oil prices rebounded on Tuesday, supported by robust economic data from China that offset returning supply in other regions but gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise. Brent crude futures were up 72 cents, or 1.7%, to $42.44 a barrel. West Texas Intermediate crude futures settled 77 cents, or 1.95%, higher at $40.20 per barrel. On Monday, both benchmarks fell nearly 3%. China, the world's top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from August and up 17.5% from a year earlier, but still below the record high level of 12.94 mln bpd in June, customs data showed. "Oil prices, which suffer...

U.S. stocks jumped on Wednesday as fresh hopes for a new pandemic relief package and upbeat economic data set the major indexes on course to end the quarter on a high note. NEW YORK: U.S. stocks closed solidly higher on Wednesday as government leaders continued talks for a new pandemic relief package and positive economic data helped the major indexes end the third quarter in positive territory. All three major indexes surged after U.S. House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough in partisan stimulus negotiations. But the indexes pared gains after Senate Majority Leader Mitch McConnell warned the sides remain "far apart" in their talks. "We had the economic news which was pretty good, and continued discus...

WASHINGTON: US Defense Secretary Mark Esper revealed a new initiative on Tuesday (Oct 20) to strengthen and expand US alliances with "like-minded democracies" to counter Russia and China. Esper said the Pentagon would systematically monitor and manage its relationships with partner countries, aiming to find ways to coordinate militaries and also to advance US arms sales. The initiative, called the Guidance for Development for Alliances and Partnerships(GDAP), came just two weeks before the presidential election that, if President Donald Trump loses, could see Esper replaced in January. It also came after nearly four years of Trump's efforts to restructure and even dismantle alliances, including threatening NATO. "America's network of allies and partners provides us an asymmetric ad...