China’s production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016, according to analysts. Crude production fell 6.9 percent in the first 11 months of 2016 to about 4 million barrels a day. Lower domestic production will help support the nation’s imports. Source: Bloomberg
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Sen. Bob Corker (R-Tenn.) said he excepts to see the text of the Senate bill to repeal and replace ObamaCare on Thursday as Senate Republicans eye a vote on the legislation next week. “I am going to vote for this bill or vote against this bill determined based on how it affects people in Tennessee and actually how it affects our nation. And my understanding is I’m going to see it on Thursday,” Corker told MSNBC. Source The Hill
Chinese efforts to persuade North Korea to rein in its nuclear program have failed, President Donald Trump said on Tuesday, ratcheting up the rhetoric over the death of an American student who had been detained by Pyongyang. Source Reuters
The U.S. current account deficit widened slightly in the first quarter, as the country imported more crude oil, car parts and supplies for its factories. The current account deficit for the fourth quarter was revised up to $114.0 billion from the previously reported $112.4 billion. Source Reuters