is a drop in opec production and the saudi's are lowering production even below what they agreed in opec in an effort to rebalance supply and demand. and so far, they have been successful. the price of oil has had a very good quarter between january and march with isis moving higher. -- with prices moving higher. it is also rapidly dropping due to the political crisis. how much higher can we go after the best quarter since 2009 in q1? $70.e price is probably any that to balance the budget. is iran where the u.s. needs to continue buying iranian crude. and we do not know what the white house is going to do. the other one is famous well aware production is rapidly falling. we see lower production numbers in april because of a political crisis that is deepening? what about the impact of shale? >> it is looking like a weaker impact over these couple of years. in china, we are seeing lower growth for demand and oil imports. mark.a bit of a question in part, because of bad weather in the united states, we had terrible weather in north dakota. it was very cold down there. we have low prices and

i called opec. opec doesn't necessarily control the price of gas. we talked to our chief economy about what the data really means. the bank was in the red. it was very much at treacherous week, the worst week since october. the bloomberg dollar index back, unchanged at the moment. say the global use is unlikely to be positive enough to dent the dollar, as markets get straight to the story. politics is first and foremost. pedro sanchez set to return as prime minister after the third election in four years. his left-leaning allies, close to a majority. though may still rely on catalan separatists to govern. >> the socialist party has won the general election, and with it, the future has one in the past has lost -- won and the past has lost. [applause] i firstly, from the heart, would like to thank the more than 700 million spaniards that gave us their vote and trusted the socialist party to lead the country for the next four years. manus: joining us now from the front of the spanish congress is annmarie hordern. great to see you. sanchez comes out on

believe strongly opec plus has been good for russia as a key producer. resources,s a lot of not just oil, but gas as well. value in international markets is impacted by oil outlooks. i think it helps multiple angles. doing a great job for russia includes companies, some of which are not on board for opec plus. manus: you have the same kind of reporting here as well. many people -- you have done the big job. you have done the big work. -- are you to you is prepared to cut below that, your excellency? 2017, 2018, byin the time it was all said and the kingdom was almost exactly on the dot with a production level we agreed to back in december 2016. if you look at the two-year period, we were able to stabilize the markets to dynamics that change unexpectedly. at the end of the day, we were on track and we met our obligations. kingdom is the world's largest exporter. we are a country that has by far capacity andpare with our policy and the relationship that we have with the industry within the kingdom, we are able to change production faster than others. we ar

what does opec make of all of this? it is already cutting in order to support price. would it cut more if it needed to? guest: they are talking about it. we've lost 1.3 million barrels a day from opec excluding venezuela on a quarter to quarter basis, and they are talking about cutting another 300 to 400,000 barrels a day in quarter two. i'd say they'd have to be somewhat careful because on the others, we are going to have u.s. shale starting to bring their oil in, so it might negate some of that, but that is what they are talking about. vonnie: what else is catching traders' attention? 4/10en pretty weak, down of 1% versus the u.s. dollar, but the dollar index is holding up. guest: as i mentioned last week and the week before, i am long in the dollar. i am scared to be long in the dollar because every kind of macro view, it makes no sense. however, common sense dictates it is still the highest fuel funding currency. europe hasn't found a floor yet. manufacturing continues to slide, and yields are higher. i am going to continue to be long in the dollar until further n

opec cuts production for a fourth straight month. goldman sachs says it will be a big finish for brexit and the opportunity will be in the pound. we have a big finish and it is coming. s&p futures a bit later on their feet, stocks overall making new 2019 highs. profitability is actually getting better getting a year.ack sweep of let as get your business flash with all the via. via to >>with all the thanks, manus. is trading well below its $72 ipo price, and ominous sign. readou cannot necessarily too much into the first few days. facebook dropped to its lowest ipo price on the second day of trading. outlook has been cut by the s&p to negative, to a-, after this chief executive stepped down last week. wells fargo has struggled to tame a range of scandals. there are now looking for a permanent replacement. has reportedly alerted french prosecutors to payments made by carlos ghosn, following reports of them anyway have been used to repay personal debt. bloomberg has learned that the payments totaled millions of euros. a spokesman for ca

that is an amount that would leave them in compliance with opec production cut. they are in a balancing act as they always are when we are discussing this. if they add more barrel to the 500,000 han that 400 to barrel range, they risk unwinding the entire opec deal. have russia and other members say, if you're going to pump more, we're going to pump game on for the market price strategy. prices start to crater again. want. not what they shery: we have heard from ran's oil minister, the u.s. ttempt to bring iranian oil won't work. production is a blue bar showing that production has fallen off but when you take a there has fact that still been buyers, china, india so forth, they have been gaining ground again. how much of a cut do you expect from iranian exports? >> the market was pricing in a further loss of 500,000 barrels gaining ground again. how much of a a day, that was our base case. administration saying we're going to cancel all of the waivers and not going to them at lower levels. that number could jump to 800,000 barrels a day. you have an ample black m

i want to show you just how -- it is an opec member. take a look at how unreliable libya's output is. , the that 2011 uprising fact that there could be changes in production, it does fall and rise pretty rapidly. it makes you wonder where traders factor in the libya volatility effect. amanda: we are seeing some momentum right now. hedge funds positioning long interview ti, as you can see. those are in blue. the price of oil going up. as you mentioned, given libya production has been volatile, some saying this is a short-term factor for prices. it has more to do with the supply cuts coming from the opec alliance. amanda: one country that would love to see oil prices stay strong is saudi arabia. we are getting more details about aramco's bond debut. looks like it has $60 billion in orders for that debut. we have with us our bond reporter. aboutms of what it says the interest in the issue, obviously, it is a massive number. tell me about how it is being priced, what that says about how people are valuing aramco compared to some of the majo

another kick in the can when it comes to opec. they waited until june. david: there's a lot of news outside the business world. for that, we turn to viviana hurtado, who's here with the first word news. viviana: british prime minister theresa may now has to explain the idea of a brexit delay to a skeptical parliament. the u.k. and eu agreed to postpone the split until october 31 to avoid a chaotic no deal divorce. mei previously said a delay was unacceptable. her own conservative party is losing patience with her leadership. president donald trump's choice of herman cain for the federal reserve board could be in danger. at least three republican senators say they won't support the pizza mogul. the president has not for mally nominated cain and has suggested he won't put up a fight. police arrested wikileaks .ounder julian assange since 2012 he had been holed up at the ecuadorian indices on asylum over a sexual assault charge. he feared he was in danger over the leak of official u.s. documents. global news 24 hours a day, on air and at tictoc on twitter,

opec adding to instability in oil markets. this all adds to the bullish sentiment. >> the price for this period of time is 75. that is going to be reached. >> global news, 24 hours a day on air and @tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. bloomberg. let's get the latest on global trade. president trump's top economic advisor says the u.s. and china are closer to a deal. larry kudlow says both sides will keep in contact as they work through the remaining issues after last week's negotiations wrapped up. >> we are closer than we ever have been before. a lot of very difficult topics. for the first time they are on the table is being resolved. that is incredibly important. the president here expressed doubts thursday, guarded optimism. maybe more than guarded optimism. reported tonping is have called for an early conclusion to the negotiations. a global macrois strategist at rbc capital markets. great to have you with us today. i know you don't focus on daily moves. it does

for some of those opec members come it may be higher than that. they would become a to 80 than 60. where does it leave them following this decision? kevin: for the administration, this is a type of policy win for a faction of folks inside the administration who have been on this,or some time even predating the administration. e.on that, a one-your grace period about how this will be allocated. if you look at the impact trump administration has had pacific we on tehran, and how they have not been able to carry out their oil industry, it's been significant. there are some who were skeptical of the administration following through on this, but the administration and others made it clear today, that is not the case. they will continue down this path. the ultimate goal being to get tehran to denuclearize and let go of their nuclear ambitions. what will it mean for the relationship with its allies? waivers were granted to the biggest u.s. allies like japan, south korea, and india. kevin: precisely. even beyond that, prime minister shinzo abe is said to be here in washington later this we

saudi arabia and others in opec will more than make up others in opec will more than make up the oil flow difference, tweeted the president defiantly. but a shortage of oil could push up prices at the pumps and hurt the global economy. this latest move has already sent oil prices to a six—month high. let's brief you on some of the other stories making the news. the bbc understands the white house is to announce a state visit to the uk by president trump. it's thought it could coincide with the 75th anniversary of d—day, so around june the sixth. he made a four—day official visit lastjuly. the dissident irish republican group, the new ira, has admitted killing the journalist lyra mckee in northern ireland on thursday. ms mckee was shot dead as she was observing rioting in londonderry. the group apologised to her family and friends saying she was killed while standing beside what it called enemy force at least eight people have been killed in a powerful earthquake on the island of luzon in the philippines. dozens are feared trapped in buildings in pampanga province, north of the

opec supply cuts with their goal of raising prices but should raise their output, meanwhile, the saudi energy minister said it's premature to say whether consensus exists to extend those cuts back to you guys >> thank you very much, eric and as eric mentioned, a lot going on in the oil sector right now. crude oil with a five month high and ethanol and drawing $30 billion worth of demand for bond offerings which would be three times its initial offering here to break this down is john, the founding partner of the gan. great to have you with us. how much higher should we see wti and brent go >> it seems like we're probably heading up towards $64 area where the next point of resistance and objective is on the chart. i think there's just so much nervousness in this market and kind of on its hair. a couple of weeks ago, a number of refineries and gasoline prices and crude up. also a separate report by another big drawdown, potentially, going to see wednesday's report, weekly report this situation in libya now, interestingly enough, the general leading the insurgency into tripoli controls th

now the question is, what does opec-plus do. they could easily come in and fill the gap caused by any reduction in iranian exports. will happen tot these iranian countries receiving iranian oil. iranian exports mostly went to turkey,lso to japan, and india. we could see these waivers expiring. you can't really overstate that it will go to zero immediately. there are banks in china that could handle these transactions and allow the flow of oil still without being subject to the sanctions. we don't know if these flow issues will continue when everybody is expecting it to go to zero. >> what about the response from iran. thee has already been suggestion or the threat that the strait of gibraltar may be closed. >> iran threatens this every time, but what they are saying is if you physically try to stop our ships part of international trade, we'll take that as an act of aggression. we're just talking about sanctions on financial institutions, they won't close the strait. strait, ando the stop their ships from sailing, that becomes a

concern n now among releasese of opec yes indeed victim of the compmpound well gee this is a concern g gosh i supposese t tho muchch involved in some form of corruption or involved in the power keyey could now. see that that t that the nationl title because this isis being ld by thehe army t that welell i se it's all it's s in it't's own cr for now but thahat that the peoe in the street don't wanant to se continuity essentially. at thihis is s at anonother at s a satirical att media c cold a d muncnch arere worork inn p progs the titltle of thisis set. of this s set. re wororking all of t the last supper a and y you can see thert a didisease but if he canan't im very s souther figurures in gran otherr words they've been elimininated i suppose that't'st thatat if he's with he e and his brothers. i i couldldn't be one of f centl but i i put it kind of wondnderg who t the other members of thee power k key. that might b be next to o go mit be i suppose that will be at the hope at least. no i was referring to this yesterday eveningng as well thi- editorial i itsa under basically thing eve

for opec members at least that's good news the organization of petroleum producing countries scaled back production at the end of last year in an attempt to raise oil prices and so far it's worked well prices have rallied by around thirty percent since the beginning of the year we would do on two to stabilize the markets and keep them stable i think we're getting to a stage where i'm going to reduce our started to stabilize and come down but there's still significantly above what i would consider normal levels. however the block is being tight lipped about any plans to expand output after its next meeting in june if the fight for tripoli impacts libya's oil production that's likely to drive up prices a temptation for oil producing countries to open the taps that's because current prices of around seventy dollars a barrel remain below the level many member nations need to turn a profit. shares in general electric sunk by nearly six percent today after j.p. morgan downgraded the company's stock but on looking regulators find the u.s. . fifty two million euros for filing a misleading applic

sanctions against iran and fellow opec member venezuela. before washington reinforced sanctions against iran last year to run produced around two point three million barrels of oil per day that's around five percent of global output up until now washington had granted some importing nations waivers on the oil sanctions. china and india are the biggest buyers of the rainy and crude recently they have stepped up their oil imports along with south korea italy and greece on the other hand have managed to cut their demand turkey had been fighting until the last moment for an extension of the sanctions waivers. despite the sanctions iran's oil exports are said to have increased around. twelve percent by the end of march but it's hard to say how true that figure is iran is trying to bale the exact amount by making good use of it's a model of oil tankers the second largest fleet in the world. to africa where the future of sudan hangs very much in the balance in a tug of war between civilian protesters on the military saudi arabia and the united ara

will wait and see what the outcome of not extending the waivers will be for on top of that all the opec members such as iraq have already expressed concern with say members who would not to make a unilateral decisions to raise output meanwhile some countries don't produce the kind of oil iran doesn't which are many refiners need and most important sanctions on but as well an increase in tensions in libya pose a rising risk will leave a very tight margin to maneuver any other shocked at will in danger global oil supply the whole of the u.s. sanctions of course carry major weight in a global economy that largely deals in dollars is the u.s. really ready to challenge major weights like india and china. right i think that's a very good question i certainly think some of the nations reacted with some shock to learn that this waiver would not simply take over and be extended and if you take a look at india for example it has friendly relations with the united states that said i think it's fair to say say that delhi does not view iran as the regional threat for example that the trumpet ministr

putin says he will coordinate with opec in june. and finally, the israeli election appears to have ended in a dead heat, with both sides declaring victory. prime minister benjamin party wons likud gantz'0%, as did benny white party. final results are expected on thursday. >> i have already started talks with our natural partners, almost everyone declared that they will recommend this to the president. i intend to work towards a stable government. >> despite our disagreements, we overcame picked because and public anger. now, we will respect the will of the voters, exactly as the prime minister said. the largest party is the one that should have a mandate to form a partnership. su: global news, 24 hours a day on air and @tictoc on twitter, , powered by more than 2,700 journalists and analysts in over 120 countries. i am su keenan. this is bloomberg. rishaad: crown is controlled by billionaire james packard, and they soared to 20% with potential sales around $7 billion. the plannedsince takeover was declared, it was highly strategic,

they interact with each other the way they take care of each other where they take care of the pepe's opec members pull together to look after each other and very different from other social convoys for example lion when wild dogs are to kill the adults when at the pepsi first they will look off to the into they will take me back to the injured while dogs are among the most endangered carnivores in africa with population numbers of around seven thousand at most the savvy valley conservancy provides a large area for them to roam freely which is exactly what they need to survive. they prey on game such as in parlors. the southern valley conservancy was originally formed from an amalgamation of large private ranches that finances itself through tourism and controlled sustainable hunting. outside the conservancy little of the original bush remains the local population has grown on more and more land has gone over to farming leading to increased contact between wildlife and humans. rick took your bio of the african wildlife conservation fund is responsible for the school based education program

open for cooperation with opec and we are ready to leverage joyce solutions. -- joint solutions. we would be prepared to continue cultivation but whether that would be a decrease of the output are keeping the oil output at the current level, i am not ready to say yet. courtney: global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. donohoe.tney this is bloomberg. vonnie: let's check our european stocks now as we had to break. -- head to break. down,p 500 down, the ftse the dax down almost one full percent. the cac 40 down two thirds of 1%. s.a.p., the worst performer on the dax has gotten a downgrade and plenty of news from the automakers, daimler down 1.2 percent, dragging on the dax. this is bloomberg. ♪ vonnie: this is "the european close on bloomberg markets." time for our latest bloomberg business flash, look at some of the biggest business stories in the news. streamlining operations in the wake of those scandals, wells fargo agreed to sell off its institutional retirement and trust busines

we can't show you the number but prices for oil surging because there is a lot of talk about opec production being reduced again. there is discussion of that. that is your business briefing. totte n ha m tottenham hotspur will play their first game at their new football ground at white hart lane today. the stadium has been described as the most advanced in britain and perhaps the world. it is being completed six months late and has cost more close to £1 billion. it has also had a dramatic impact on homes and schools in the area. "to dare is to do" is their motto, and tottenham's new stadium appears to fit that billing. it will host premier league football for the first time tomorrow night, with hopes that the long overdue and over budget stadium can provide a platform to take the club to the next level. a series of problems has seen spurs frustrate their fans by continuing to play fixtures at wembley this season, while complex building issues were resolved. but those behind the project say it is one of the best venues in the world, capable of hosting american football too and revolutionisin

i do think the rally is really forcing investors to rethink what opec will do in the upcoming meeting they have. certainly all the noise and all the talk has been about production being extended. certainly with prices pushing into the 70's for brent, there are questions being asked about whether opec wants to push this market too far like it has in the past. and obviously dented demand. it is a fine line they have to walk, but those questions are being raised. that is why we are seeing a pause in the market at the moment. haidi: aluminum demand is one of the stories. is that something you will expect is continue? daniel: absolutely. i think there are specific issues within the aluminum markets, particularly the auto sector, which has been weak globally. there were signs that we will see improvement. china will target the auto sector with some new policies. so hopefully that encourages extra demand. in general it should mirror what we are seeing globally in that pickup and economic growth. i am not too bearish. haidi: what are your assumptions on u.s. dollar growth? daniel: that is a t

have got the opec plus report due out this week as well. is that expected to show really a good balance when it comes to implementation, and will the suggest that the market is feeling more comfortable about u.s. shale being a bigger producer in this market? and i wantthink so, to really emphasize here that u.s. shale production currently for the foreseeable future, foreseeable future in the commodity market is only for the next season. u.s.re white certain that shale, it will be that producer, and it is going to remain were opec robust, so in collusion, i was going to save the soviet union, the russians are certainly, given what they can to withhold oil from the market, we certainly are going to see robust production continue to come out ates, because st this is why we have a futures market, and last september, when you were able, a producer, able to sell their production at over $70 a barrel in 2017, they went ahead and sold the futures contract. the future is now, something contracts will come to expiration, and there's going to be u.s.

petersburg. >> we are open to further cooperation with the opec and we are ready to work together to elaborate joint solutions. i would be very cautious there. we would be prepared to continue acculturation. whether that would be a decrease of the output or maybe that would be keeping the output at the current level, i'm not ready to say that yet. the united nations envoy to libya said it would be impossible to hold that -- next week's planned peace conference as fighting continues between rival militias for control of the capital, tripoli. more than 50 people have been killed in the most recent violence in libya. global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. vonnie: live from new york, i'm vonnie quinn. amanda: i'm amanda lang. here are the top stories we are following from around the world. wto today says the u.s. violated international trade rules when it calculated tariffs on canadian lumber. it's the latest stage in a decade-long disagreement between the n

you got the end of the vietnam war taking place over 1973 to 1975, the opec oil crisis. there was a great deal of chaos. it seemed to be a moment that was ripe for making the post-cold war order and think about new trends that came about. steve: what did you learn? prof. kruse: i learned a lot. what we learned in this book, realor us, it was a adventure because we were really writing about the history of our own lives. it was a process of rediscovering things we thought we knew as teachers and people who had grown up in these decades. steve: what surprised you as you looked back at the presidency of jimmy carter, ronald reagan, george h.w. bush? prof. kruse: the reagan revolution comes in and really sweeps everything aside. what we discovered instead was that there is a real stickiness to ideas and institutions that survived the reagan revolution , and there is a real preservation of some of those old values and old policies, so rather than a conservative ascendancy, it's a conservative versus liberal type of war. steve: you're on social media with more than 220,000 foll

donald trump says opec can oil output from iran. in northern ireland, police make an arrest in the killing of a journalist. the suspect is a 57-year-old woman, irish republican army splinter group admitted one of its members killed him last week during rioting. was shotra says mickey while standing next to police. the group is apologizing. u.s. house democrats summoning the former white house counsel to testify on the mueller report. mcgann was one of the key witnesses in the investigation. committeejudiciary chairman says he will be about the shed light on allegedly instances of obstruction of justice by president trump. todays. supreme court takes up the issue of whether the trump administration can add a question about citizenship to next year's census. a report says it is not legal. intenselys an political fight that could affect the makeup of the u.s. house of representatives and could determine how much federal money its state gets. global news 24 hours a day, on-air and tictoc on twitter, powered by more than 2700 journalists

deepening opec production cuts. we will watch all of the action coming up. >> ed morse from citigroup will be joining us to talk through how close is ashley watching the situation in libya at the moment. his exports are now at risk given that the escalations are heightened at this point. for 2019 atecast $70 per barrel. prices could be pretty detrimental. let's look at how things there for the session. this is off the record highs. rupee alsore weakening for a fifth day. this is given the ruptures have seen in the 10 year yield. yields are up just one basis point. says, mize is needed on both sides as brexit talks resume this week. may heads to brussels on wednesday. the current deadline is this friday. reports from germany say the u.s. government has dropped this call for a german them -- ban on huawei. washington is very satisfied on new regulations from berlin about the wireless, regardless of the provider. julia hung oh has died. this month, shareholders of the carrier voted to remove him from the board after an

don't know is how the energy minister from qatar, who is currently the president of opec, responded to that demand guys >> all right, kayla, thank you >>> we will begin with two big movers to tell you about ford delivering better than expected quarterly results the carmaker says strong demand for pickups and suvs in north america did offset weakness in china and south america. shares are surging this morning, take a look at ford, up 9.5% then on the flip side, there is intel, shares plunging, earnings and revenue beating for the quarter. it is falling on the outlook the chipmaker slashing guidance on revenue for the year. we'll hear a lot more about intel and the concerns there with bob swan in the next hour, the ceo is coming up on "squawk alley. >> let's start intel will it have bradd ebroader imp the question don't just sell amd on the belief that intel's weakness will be shared there we'll see. the data center perhaps not as much anticipated demand as they had thought. he did speak about china specifically and what he said was an acute deceleration happening in china, in terms o

trump: he has asked opec producers to boost production to reduce the impact of the irann sanctions. brent crude t trading over 71.5a babarrel. sas shares are down as the strike continues. trending lower monday as economic sentiment falls for the 10th straight month for its two-year low. ibex is down around 9/10 of a percent after r sunday's electi. the europopean coalilition iss seeking refororafter it failed to invesestigate a major mononey laundering scandndal. >> dansk a bank hass beeeen laundering of in the suspicious money. a banking authority rejected a report thatt saw brereaches of u law by estonia auththority is. they voted to close the investigation without taking action. sosome are calling that decision scandalous and demanding and overhaul. ththe bank is one of severeral recent money-launderering scandals, including dedeutsche bank and a swedishsh lender. police haveve broroken up a counterfeiting ring ththat is making f fake legegos in china. >> 26 mimillion euros off counterfeit lelegos. ththe episode highlighghts a m r chchallengee for reforming thehe chinines ecocono

global inventories tightening up just a bit apparently the opec strategy is working. crude oil up a half a percent. 63.34. oil sitting at a five-month high looking around the world now, kind of a similar trade to our futures across asia and europe the asian markets mixed to slightly down and the european markets as well. a similar story as well. a little more red on the screen in europe than in asia we are seeing declines across the board for markets, not big, 2, .3 tenths the week is just beginning anything can change based on the biggest events of the week for your money as we do every monday, here is your wor"worldwide exchange" we to watch today you get the factory orders and the imf pre-meetings tomorrow look for the jolts survey, that is the job open level turnover survey. how many jobs there are. levis, welcome to the public markets. their earnings kicking off on tuesday. on wednesday, it really is a double dose of central banking you have the european central bank decision in the morning and the fed minutes, basically what they talked about at their last meeti

you and i, of course, we were in opec together. many times, by the way, the last few years. it appears opec's strategy is working. >> i wouldn't say it's the saudi strategy that's working. i feel like saudi can take a win. >> i would-for saudi arabia to -- >> give it to -- the saudi oil minister kept saying in december look what we do in q1. you know, you have in questions about our credibility with this cut? the saudis have been very, very relentless in driving down exports to the united states they've cut overall production, but if you look at the motiva refinery, which they own. >> biggest in america. >> they've basically zeroed out saudi exports in that refinery to change the sort of outlook of u.s. inventory data. thief been incredibly disciplined in basing their strategy of getting prices higher >> no venezuela? there was one tanker three weeks ago that we highlighted. that's it. >> citgo is not taking any venezuela app barrels and -- >> we are now short, though -- >> the type of crude oil >> we basically have the heavy brow from venezuela want coming. we have to base

holding around $63 on some unnerving moves by the president, announcing he had directly spoken with opec. again, you got the market sort of on hold as we wait for the fed on wednesday to announce its latest move on interest rate decisions. they are not expected to raise rates. and you've got the u.s. trade talks with china about to resume in beijing. let's take a look at some of the big movers. intel down for the fifth straight day. they disappointed last week. that has been a negative for a lot of the chipmakers, one of the big momentum groups last year and some part of this year. worldwide taking a big move lower as amazon moves into their space. trade desk, an online trading platform with access to china which seeks to influence advertising trends in china, got a big move higher. facebook riding the move higher. if we can go into the bloomberg, one of the issues is one of the key pieces of the big risk on rally are still in place. if you look to the far right, you can see in oil and many of the other sectors, we are starting to move lower even as the blue line, the s&p 500 makes sligh

president trump says gas prices are falling because he asked opec to lower energy prices. reportersent spoke to as he left the white house headed for indianapolis. >> the prices are coming down. i called opec and said you have to bring them down. gasoline is coming down. we are doing great. mark: global oil prices have been rising in the wake of the president's decision to impose sanctions on nations that import iranian oil. mr. trump says allies like saudi arabia will increase their output to make up for shortfalls . theresa may's government is continuing with what she calls difficult exit talks with the opposition labor party. labor officials say the prime minister has refused to compromise. may is running out of time to get a brexit deal through parliament. if she cannot accomplish that in the next few weeks, the u.k. will be forced to date part in european parliament elections that may be toxic for may's conservative party. xi jinping appears to be signaling approval for president trump's trade war demands. in a speech in beijing, president xi addressed a number of ref

presents a ceiling in crude oil we had every reason to vault that $65, we had geopolitical tension, opec and nonopec members talking. at the end of the day we do not seem to get above 65 as we see the u.s. dollar float back to 97 it keeps a lid on crude oil at 65. >> what levels are you watching on crude >> i'm looking at the $64.80 just under where jeff is talking about. over the last week we have four tops there, we need to get through that area. the way we get through is it is eliminate the sanctions on iranian oil, the waivers there we need to see opec continue their cuts and we need to see a china trade deal if we get those three you'll see oil pop to $67 >> it comes down to supply and demand doesn't it. check out our website for all the hot trades brian back to you. >>> more trades up next on the blitz. we're talking boeing, walgreens, mcdonald's, and free port. first to kelly evans with what is coming up on the exchange. >> we have a lot more on chevron's $33 billion play for anadarko. we're going to talk to mr. sullivan about it and explore who could be the next bio targets and w

the capacity for opec was down to one of its lowest points at 1.9. now the spare capacity is around 3.3. not in countries like russia. at 3.3.pec we're it cannot be better timing in terms of delivering what they have committed to last year. alix: the saudi's are not going to pop willy-nilly. they were burned. they will want higher oil prices. just how conscious or aggressive do you expect the response to be , which then leads tout tight can the market get? to be far are going more reactive rather than proactive. by being proactive last year they ended up creating a market and work on off guard. this time around they are unlikely to do that during they will be far more reactive and see what these sanctions -- not being extended anymore means to the market. are we going to see not exporting to half a million? in order to deliver what the markets need, that would create a month of may where allocations have already been made by saudi's. alix: what is the upside risk? possibility you could see something like $100 oil, especially toward the end of the yea

oil, opec said venezuelan output fell to 730,000 barrels a is falling onrket supply, not demand. what that could mean could be really interesting. david: it could be a quick turnaround. alix: something we are looking oo, -- david: because we have no ammunition left from the central banks, it could last a lot longer time. in the meantime, goldman sachs say let's look at 12 months and take the odds down that recession will happen. alix: because of the fed. david: exactly. and giving up some of the ammunition you might use if there is a recession. it is time now for a morning brief. we will hear from ecb president mario draghi at his press conference following the rate decision that was out just 15 minutes ago. we also get u.s. cpi data for the month of march. at 9:30 this morning, ceos of major banks will testify before congress together for the first time since during the great financial crisis. holdingnce committee is a hearing that it says is holding banks accountable. friday will be the beginning of earnings season with the banks, like jp morgan, reporting. for an overview, we

second is we now know that opec has that spare capacity. they ramped it up and took it back down. we think the shock is roughly 900 barrels a day and we saw opec take 1.8 million barrels today off the market the third point is you have a lot of pipe capacity coming out later on this year which means the americans could add a lot of oil back on to the global market that's why we think, you price it in, move it up to the 74 or the 75 range and i'm talking brent here that's the thing to point to here price it into brent and look at the spreads on brent, probably priced it at roughly lly 500,00 barrel today, we think is reasonable a shock for two months because of the mismatch, saudis came out earlier today and said we'll respond as needed as opposed to to six months ago where they ramped it up real quick and took it back. >> in terms of investors with the some sort of catch-up with the relative to the spike we saw in brent each barrel is not interchangeable with the brent barrel we're talking it's heavy so to what extent is the notion of a trade-in with wti relative to brent how is t

now saudi arabia and opec is in the midst of a production decline. we expect them to pick up where iran left off. charles: we're okay. there how would you explain today's spike? a knee-jerk reaction? >> just a trading spike. we think oil prices will remain range-bound. come down a little bit. want prices to stay down and they can stay down because of oil around the world. charles: we already had momentum in oil to be honest with you. >> and energy stocks. they have not kept pace with the overall market. they have not outperformed or come back. when you're looking at how this will affect at the corporate profits of exxonmobil and all these other big companies we've already seen a vast improvement on the outlook for this year, especially in third and fourth quarter where they're expected to lose less. they're still expected to make less money. make less money this year. not even half as bad as we expected the beginning. year. it is looking healthier and prices are going up. charles: back in the day, you guys remember there was an oil premium, sometimes

>> venezuela is a part of opec they're making the cuts compliant. >> you know what i mean. >> is it a combination of saudi resolve and the venezuelan catastrophe. absolutely we see president trump making the phone calls. it's going tore another iran sanctions decision that's coming up the first week of may he is asking the saudis. put more barrels on the market saying to them iran is your crisis you're going to help me out. that will be it is critical question of where opec is going brsh. >> >> every time we hit about 60, president trump sends out the tweet. not just the phone call. and it seemed to have worked once if oil continues to go up, you expect the president to just continue to put pressure >> i think you're going to see the social media, you know, commentary, but, yeah, the private pressure, and it's really the bilateral pressure on the saudis that's really saying, look, you encourage my to exit this nuclear deal. i did it i'm applying sanctions on iran you have to back fill the oil. the question the saudis are going to have is he going to grant more exemptions? is he going