President Obama is expected to nominate Locke to represent the U.S. in Beijing. Locke would be the first Chinese-American to serve in the post, and has worked on trade with China before.
It's been two years since President Obama enacted a symbolic "reset" in relations with Russia. The gesture may have helped political relations, but business relations with Russia have surged, too.
Oil prices declined for the first time in three days as members of the Organization of Petroleum Exporting Countries hold informal talks over pumping more oil into the global economy.
The Senate is expected to vote on an overhaul of U.S. patent laws. The measure may change the way patents are reviewed and would give priority to inventors who pay bigger fees.
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