The daily business briefing: May 16, 2016

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1. Oil prices jump after Goldman says glut is over
2. Google could face record $3.4 billion Europe antitrust fine
3. Amazon to launch new private-label brands
4. Verizon and striking unions to resume talks
5. Mark Zuckerberg to meet with Glenn Beck and other conservative media figures

published 16 May 2016

1. Oil prices jump after Goldman says glut is over

Oil prices surged by more than 2 percent on Monday after Goldman Sachs analysts said supply disruptions and steady demand had unexpectedly caused a "sudden halt" to the global oil glut. Crude futures hit their highest level since October 2015, above $47 a barrel. The latest output disruptions are occurring in Nigeria, on the heels of Canadian oil-sands production cuts caused by a massive wildfire. Goldman once warned the glut could drag prices to $20 a barrel, but now forecasts $50 a barrel in the second half of 2016.

Google faces a record $3.4 billion antitrust fine in Europe, Britain's The Sunday Telegraph newspaper reported. The European Commission is expected to announce the penalty as early as June in response to allegations by the European Union that Google has abused its internet search dominance by promoting its shopping service over those of rivals in search results, according to sources close to the matter. Neither Google nor the EC had immediate comments.

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Amazon plans to unveil new lines of private-label brands in the next few weeks that will include the online retail giant's biggest push yet into perishable foods, The Wall Street Journal reported Sunday. The new brands, with names such as Happy Belly and Wickedly Prime, will include nuts, spices, coffee, and baby food, as well as many household items. The first items are expected to be available at Amazon.com by late May or early June. Amazon representatives made no immediate comment.

Verizon and unions representing 39,000 striking landline and cable workers agreed Sunday to restart negotiations. "The parties had an open, frank, and constructive dialogue about finding a comprehensive way forward to resolve disputed issues and get people back to work," said U.S. Secretary of Labor Thomas E. Perez, who met with both sides in Washington, D.C. Workers represented by the two striking unions in nine Eastern states walked off the job April 13 after working without a contract since August.

Facebook CEO Mark Zuckerberg this week plans to meet with conservative talk-show host Glenn Beck and a half dozen other leading conservative media figures at his company's headquarters. The purpose of the meeting is to discuss recent claims by ex-Facebook employees that they suppressed pro-conservative news stories in the social network's "trending" section. "I'm going in with an open mind and an eagerness to learn more," said CNN conservative commentator SE Cupp, another invitee.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.