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Oil price worries; PayPal's big deal; China-US trade

1. Oil spikes again: US crude futures hit their highest levels since late 2014 on Friday, trading at...

Posted: May 18, 2018 8:39 AM
Updated: May 18, 2018 8:39 AM

1. Oil spikes again: US crude futures hit their highest levels since late 2014 on Friday, trading at $71.60 per barrel. Prices of Brent crude, the international benchmark, topped $80 per barrel Thursday.

Oil prices have risen significantly in recent weeks, mostly because of concerns about Iranian supplies after President Donald Trump ditched the nuclear deal, and a collapse in Venezuelan production.

The rise is starting to trouble big energy consuming nations. India's energy minister said he called his Saudi Arabian counterpart late on Thursday to express his concern.

2. PayPal's biggest takeover: PayPal announced Thursday that it is buying iZettle for $2.2 billion. It's the online payments firm's biggest ever acquisition and gives the company a bigger footprint in physical stores.

A Swedish startup, iZettle provides small businesses with card readers that can be connected to smart phones and tablets. It also offers platforms for sales and inventory tracking.

3. China-US trade talks: US officials said Thursday that China had proposed boosting its imports of American goods by around $200 billion in an attempt to reduce the massive trade imbalance between the two countries. China bought $130 billion of American goods last year, according to US government figures.

However, Chinese Foreign Ministry spokesman Lu Kang denied on Friday that such an offer had been made. "These rumors are not true," he said.

The world's two biggest economies have been locked in a trade dispute for months. A top level Chinese delegation is in Washington for trade talks this week. Thursday's meetings included one in the Oval Office between Trump and Chinese Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping.

The talks are set to continue on Friday. Lu described them as "constructive."

4. Global market overview: US stock futures were trading higher early on Friday. European markets opened mostly lower, while stocks in Asia ended the session mixed.

The Dow Jones industrial average and the Nasdaq both shed 0.2% on Thursday. The S&P 500 closed 0.1% lower.

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5. Earnings and economics: Campbell Soup and Deere are set to release earnings before the open Friday.

Canadian inflation statistics for April will be released at 8:30 a.m. ET.

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6. Coming this week:
Friday - Campbell Soup earnings

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 302484

Reported Deaths: 6859
CountyConfirmedDeaths
Los Angeles1249923690
Riverside23334533
Orange21517402
San Diego18402415
San Bernardino17414304
Imperial7654127
Fresno762787
Alameda7407146
San Joaquin606567
Kern597989
Santa Clara5678166
Tulare5509148
Sacramento493278
Stanislaus436450
Contra Costa435788
San Francisco414550
Ventura409353
Santa Barbara386829
San Mateo3787111
Marin322730
Kings285539
Monterey234317
Solano198527
Merced179312
Sonoma151914
Placer99311
San Luis Obispo8774
Madera8578
Yolo80228
Santa Cruz5063
Napa4664
Sutter3374
Butte3194
San Benito3112
El Dorado2920
Lassen2690
Shasta1766
Yuba1633
Humboldt1614
Glenn1590
Nevada1591
Mendocino1070
Colusa1030
Lake1011
Tehama981
Calaveras610
Tuolumne600
Del Norte580
Mono491
Amador360
Inyo341
Siskiyou330
Mariposa311
Plumas150
Alpine20
Trinity20
Sierra10
Unassigned00
Chico
Clear
91° wxIcon
Hi: 101° Lo: 68°
Feels Like: 91°
Oroville
Clear
88° wxIcon
Hi: 103° Lo: 68°
Feels Like: 88°
Paradise
Clear
91° wxIcon
Hi: 94° Lo: 68°
Feels Like: 91°
Chester
Clear
75° wxIcon
Hi: 84° Lo: 52°
Feels Like: 75°
Red Bluff
Clear
87° wxIcon
Hi: 103° Lo: 67°
Feels Like: 87°
Willows
Clear
91° wxIcon
Hi: 105° Lo: 62°
Feels Like: 91°
A hot week will transform into an even hotter weekend over northern California as high pressure stays in control of our weather. No rain is in the forecast, but it will cool a bit by late next week.
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