>> good afternoon. i'm matt miller. for the third straight day, still trading below $40 a barrel. says demand will slide until the end of the decade. where our prices headed from here? travelbreaking holiday expected this week, the ceo of spirit airlines told us how the low-cost carrier is handling the load. christmas comes early for beatles fans. the fab four of music will be available on streaming services including apple music and spotify starting tomorrow morning, the what will it mean for the music industry? we are a half hour into the trading day. let's head over to the markets desk. right now we are looking at

session highs for the markets. three days for three. the s&p 500 is at that 1% mark, trading at 2059. 1%.dow is up by 8/10 of all of this coming off better-than-expected data. dive into my bloomberg terminal. i want to show you the seasonality heat map. this is your favorite function. take a look at this christmas tree, red and green. i want you to focus on a couple red blocks here. this is for the month of december 2015. right now we are on track for a negative of -1%. getting closer to actually turning into the green for december, and the last time we had a loss on the order of 6% was back in 2002. we will be watching that as the day goes on and as the week goes

on through the end of the year. in addition to that, i want you to take a look at the s&p year to date. i want you to see -- look at this number, we are not in the red anymore. now, positive for the year to date. look at the volatility we have been going through. the s&p 500 has actually flip-flopped between positive and negative territory for the past 24 times. 2058.9 --es above we're at that right now. above,loses there or that would mean that could be some good news for the next year, 2016. thee 1928, the 12 years most number of crosses saw the s&p rise by an average of 9.6%. we will be watching and waiting over the next 5, 6 trading days. matt: oil has been my focus all morning. of the stocksot

in the market that need to use oil, for example, for business. what is going on? >> let's take a look at the performance of nymex as well as brent, rising today. three times in three days along with equities. usually trading in tandem. nymex crude up 3.6%, off session highs but still keeping that positive off that drawdown in u.s. stockpiles. brent crude also seen tailwinds, up by 3.3% there. taking a very quick look, they're all in the positive. marathon and williams some of the biggest. they had been down by 50%. all of these are still in the negative here. matt: we saw some of the airline stocks also getting hit today. >> with higher oil. matt: a bit of a turnaround there. on bloomberg's first word news this morning,

mark crumpton has more from our news desk guide -- desk. mark: david cameron is looking into claims that a muslim family was prevented from flying to disneyland for a plan holiday. the u.k. says american officials gave no explanation for refusing to allow the family to board a flight from gatwick airport. teenagesays two syrian brothers have been arrested on suspicion of involvement with terrorist organizations, in one case, islamic state. the tip leading to the arrest came from germany, where authorities have accused a third elder brother of belonging to the terror group write a human rights group is accusing russia of killing hundreds of civilians in syria. amnesty international says russia is using cluster munitions and unguided bombs. some hearts of cluster bombs remain unexploded long after finding ends.

next republican presidential debate could include as few as six candidates. criteriaing new poll to predict the qualifiers for prime time on january 14. the rest of the 13 gop hopefuls will be in a parliamentary event. of republicans nationwide shows 39% to back donald trump. that is more than his next three challengers combined. airlines are shifting the timing of thousands of flights, even adding dozens of red-eyes, to keep up with the crush of passengers through the holiday weekend rate success or failure could depend on the weather and so far, mother nature is not what operating. rain and fog caused nearly 200 flight the blaze -- flight dela ys. airlines expect about 38 million perioders over a 17 day spanning christmas and new year's. news 24 hours a day

powered by our 24 hundred journalists and more than 150 news bureaus around the world trade i am mark crumpton. matt? matt: wti is climbing to a one-week high after reports showed crude inventories fell, and that eases the supply, takes the supply down a bit. take a look at my terminal. my favorite chart of the day early this morning, wti and brent converge. now wti and brent invert. for the first time in about a year, we have seen the price of west texas trading higher than brent crude. let me ask first of all what you think of that in version there. gamutbecause the saudis has worked and u.s. production has fallen? years the u.s. has been

leading the world in oil supply growth. a result, constraint pipeline infrastructure, wti has traded at a discount to essentially the rest of the world. is not growing, u.s. supply has been shrinking since march, and it's going to continue to shrink through 2016. with that in mind, it's perfectly logical that the two halves converged. you might see wti trade at a premium. earlier today we were talking to amos from the secretary of state energy envoy and he was talking about the export ban being lifted. will that affect the price action? at all? timing on lifting the export ban is perfectly

ironic. they are doing this right on the cusp of a year when u.s. oil going to increase for the first time in a decade. this would have been great in 2012, 2011. for the next 12 months -- u.s. supply shrinking, u.s. oil demand on the other hand is going up, that is why our imports are rising. assuming oil prices recover which they eventually will, and u.s. production begins to grow again, we can have a conversation about the u.s. industry exporting large amounts of crude. for the time being, it is essentially symbolic. matt: i'm looking here on bloomberg at the baker hughes rig count. if you look at the last five years, it really is as if it's fallen off a cliff. ashas not been falling steeply recently but probably only because it fell so steeply previously. well that pick up? will we see u.s. production

pickup? >> all companies are doing right now is cutting, cutting rig count, investment programs, projects, head count. austerity oncall steroids, and we will get a second year of it. we think u.s. oil and gas cutbacks will be down 60% this coming year. it's on top of another 50% cut. count will certainly continue to trend down in the companiesths as implement these cutbacks, and as a result, u.s. production is going to decline. it's not just the u.s. supply broadly is going to be trending down over the next 12 months. that is what is going to solve thisglut, create fundamental rebalancing of the market, partly higher demands.

primarily it will be a supply driven tightening. we think oil is going to be in the 60's, maybe even the 70's, 12 months from now because of this austerity and how much production impact it is ultimately going to have. matt: the last few days, crude think 8% monday, tuesday, and today. does this feel like a bottom to you, or will we bounce lower and higher here? >> oil bottomed in august in the high 30's, and that felt like that was the low. we got even lower in last couple of weeks. lowng to call on a cyclical is tough, anything can happen in the short run based on currency, news from china, there's a lot of variables. is going to be sharply higher a year from now, maybe

even as little as six months from now. or 60's ain the 70's year from now, we're talking about a good 50%, 60% increase from current levels. you said it's up 8% in three days. we are looking for something in order of magnitude higher in terms of recovery, looking out 12 months. trying to call a bottom here is a bit of a pull. matt: it was great to get your take, very interesting call on oil six months to a year from now. coming up in the next hour of bloomberg television, the airline industry is getting a lift from lower fuel prices. what the ceo of spirit airlines is forecasting for the year ahead. is streaming music business getting a little help from the beatles. how this deal puts the fab four on services like spotify an apple music just in time for christmas. marijuana may not be as green as it seems. we will talk about weed.

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matt: good afternoon. welcome back. it's time for the bloomberg business flash, some of the biggest business stories in the news right now. auto safety investigators have identified an eighth fatality linked to a faulty takata air bag. minor, someone underage

driving a honda accord under recall, was killed. what may be the largest highway safety penalty in history last month. it took years to lift a ban on most u.s. oil exports, and just one week for the first shipment to be announced. enterprise will load 600,000 euros of domestic crude onto a tanker in the houston ship channel during the first week of january. staples meet its opening [indiscernible] against the u.s. case seeking to block its takeover of office depot, calling it fundamentally flawed because the office supply retailers compete against numerous vendors like wb mason and amazon.com. staples and office depot countered the federal trade commission failed to show their merger will harm competition and raise prices. chairs of bed bath & beyond felt the most -- shares of bed bath &

beyond filled the most in a year. prillaman are a third-quarter profit fell short of its earlier projection. the company showed fewer store transactions than predicted. that is your bloomberg business flash update. stay with us here on "bloomberg markets." ♪

matt: welcome back to "bloomberg markets." than 100 million americans are going to travel this holiday season, nearly one in three of us. year.ore than last what are airlines doing to prepare spirit airline -- prepare? the spirit airline ceo joined me this morning to discuss. >> this is a busy holiday for us, we are 30% bigger this year

than last year. we will be carrying a lot more customers this year. with christmas on a friday, it spreads the travel over different times. >> 30% is a good number. the last time we spoke, you said you had your sights set on the model of ryanair. ryanair kills it. where are you in terms of your goals? started their business model a number of years before we did. they are now 350 airplanes. we will end the year with 80 airplanes. we are on pace to grow 15% to 20% per year. it will be a while before we hit ryan's size. we will be 150 airplanes by 2021. >> are you seeing a big benefit off the reduced fuel cost? lowers the one hand, it

our largest costs, which is great, and it's allowing all airlines to be profitable right now. on the other hand, it's inviting more and more capacity into the industry so all carriers, even those with less efficient cost structures, are growing. that puts more seats in the market which poses a little bit of dampening. it's a good story, and it's great for consumers because it means much less -- lower pric es. >> am standing in front of a big graphic of your stock prices here today and i have normalized it again, united, american airlines, and delta. only delta is gaining year to date, they're up 5%. you are down more than 40% year to date. what do investors see that they don't like, or what is forcing more sellers and buyers here? withwe are disappointed what the stock has done this year. the core fundamentals are still very strong. we went public in 2011 and for

the first couple of years, the industry was dominated by low capacity and very high oil prices and high ticket prices. rolee understood the first. in that model. over the last year, year and a half, with lots of airlines offering low fares, it has put some apprehension in some investors' mind about where the spirit model fits in. we are posting really great returns, we have a terrific third-quarter, guiding towards 22% margins for the full year, which should be better than the rest of the industry and 20% growth next year. model proves itself out in this environment, investors will come back to the stock. matt: when i look at passenger revenue per available seat mile, you are at 104. your competitors are at 112, 120. is that not the best measure to look at spirit, or is that headed up, that number?

ben: for most of the industry, looking at unit revenue is a good metric for margin. cost structures are relatively flat. for spirit, we are seeing big improvements in our unit cost structure. unit revenue on its own does not provide the best metric for spirit. we have been able to grow our margin this year with a big reduction in unit revenue, and we actually like that because that means lower fares for customers and even more chance for more customers to take travel and with our low cost structure, we can be profitable with that. >> as you look at these large incumbent competitors, what is the secret sauce for spirit? our competitive advantage comes from a couple of things. number one is a large cost overtage, over 20%

southwest, for example, a very efficient airline in its own right, and 50% to 60% over the bigger airline. we don't cater towards business travelers. we try to set the airline up to be profitable. we put more seats on planes of our competitors, we tend to fly only 1 or 2 flights per day. we keep everything really simple. the other advantage is simply that we understand who we are and what we are. we joke that we are very clear mirrors -- we have very clear mirrors. we are there for the customer who really wants to take that extra trip, wants to see a baseball game with their friend, or so on. >> the last time you set down with us you said you were catering to more business travelers because businesses who care about costs are changing their shift. us understand, what does the economy look like? who is spending, and why?

the wholen't see elephants because we are carrying a small segment of the travelers in the u.s.. in terms of what we see, demand for low fares and the lowest fares that we offer is off the charts. travel could that be business, it's more likely leisure, visiting friends and relatives. the way we put it together is if the customers pay for the tickets themselves, that is who spirit really caters to. matt: the spirit airlines ceo on morning,g go" this telling us you get service with a smile on spirit, which is something you should expect from airline travel. coming up, cranberries, prices are at a 50 year low. why this sounds like a sweet , or for insurance companies what cranberries have to do with insurance companies at all. ♪

when you're on hold, your business is on hold. that's why comcast business doesn't leave you there. when you call, a small business expert will answer you in about 30 seconds. no annoying hold music. just a real person, real fast. whenever you need them. so your business can get back to business.

sounds like my ride's ready. don't get stuck on hold. reach an expert fast. comcast business. built for business. matt: you are watching bloomberg television, i matt miller. bloombergw into the first word news. mark crumpton joins us. mark: iraq says its troops are getting the upper hand against islamic state in the key city. bombings blamed on the militants killed at least 15 people across the country today. forcesernment says it's are fighting islamic state in ramadi's central district.

president obama will host a summit early next year and california with southeast asia and leaders. in november during his visit to malaysia, the association of southeast asian nations to meet with him in the u.s. the summit could annoy beijing, which also seeks to develop and to improve relations with leaders in that region. accused of intentionally plowing a car with her child inside through crowds of protest reigns on the las vegas strip sidewalk has been arranged. the woman faces charges of murder, and child abuse. the crash killed one person and injured more than 30 others. crowdede will not be as during the next republican presidential debate. fox business news says it will use new poll criteria to check those who make the stage. few as sixmean as candidates will debate. a preliminary forum will be held for the rest of the 13 gop hopefuls.

global news 24 hours a day, powered by our 2400 journalists and more than 150 news bureaus around the world great i am mark crumpton. matt: commodity markets closing in new york on christmas eve christmas eve. probably the most exciting action of the week. >> oil has been dictating much of the market action. a look at wti futures. they are off of their daily high right now but they are still up largely in the green, up three and 3/4%. over to copper, and while it's been a rough year for it is givingtoday trader some small reason to cheer. it's up by nearly 9/10 of 1%. prices have firmed after china's economy showed some signs of stabilizing this month.

of course china is the world's biggest consumer of copper. hasrally in global stocks taken away some of the shine today, a lot of investors going into equities. gold futures falling down about .5%, this is the second consecutive loss. this is as investors add more of risk to their portfolio. thanks very much. coming up in the next half hour of bloomberg television, listen up beatles fans. the fab four's music will be available for streaming starting at 12:01 a.m. tomorrow morning. could this be a game changer for the music industry? marijuana is now legal in 23 states. the cannabis market is quickly becoming one of the most power-hungry industries. a look at how pot is drawing on the nation's power supply. maybe weed ain't so green. an entrepreneur faces extradition from new zealand to the u.s. to face piracy and other charges. ♪

matt: good afternoon. aanberries are turning into sweet deal for canada's largest insurance companies, with cranberry prices at the lowest in half a century, farmers are being forced to cut back. some find it easier to sell the farm to insurance companies. here with more on this interesting story is pamela ritchie. merry christmas eve eve. you are a sight for sore eyes. i wanted to make you say cranberries as many times as we could. this is an interesting story it is very expensive for the family-run cranberry farmers -- farms across the state. enter a number of insurance

companies, and particularly john hancock. is owned by a canadian company. the egg division of john hancock bogs, andto acquire finding farms the need to be rejuvenated, finding farms that need replanting and so on and fixing them back up. hasegg unit of john hancock 150 employees, most of them farmers ready to go in and get to work and get these lands back up and producing. the division has about 2300 acres of cranberry wetlands. division of egg john hancock has 300,000 acres across canada, the u.s., australia, walnuts are grown, wheat as well as corn. here is why it all matters. when you look at the average returns over the past decade for the john hancock egg portfolio, 14%. compare that to the s&p over the same period of time, 7.5%.

matt: i used to work for john hancock, a little brokerage called tucker anthony. my grandfather owned a cranberry bog in buckeye, like ohio. pamela: this is your favorite topic. matt: what are the long-term expectations? obviously this is why people gravitate story-wise, that an insurance company would be running a huge cranberry business. what is the long-term outlook? do they want to stay in the business? in 2013 ist happen the market got flooded. there was so much production of cranberries that what used to be $40 a barrel for cranberries became eight dollars a barrel for cranberries, and many farmers got shaken up. they could not produce at those levels. now we see the prices coming

back a little bit. the average american consumes about two counts of cranberries, all around this time of year. it is stagnating growth. enter the whole china prospect, where millennial females with more money to spend on luxury food are a huge target. the growth in sales of cranberries and china, 41% over the last year. it's kind of a fascinating read. the federal organization for cranberry growers in the united states has pooled together $1 million to do marketing for cranberry in china alone. there also selling and diversifying sales to germany, also to the u.k. and france. that accounts for 35% of sales out of the united states right now. the expansion and long-term prospect for the pension funds and institutional investors is in china. matt: goes very good with vodka, cranberry juice. no? imagine that's

probably right. vodka seems to have flavors of all kinds of things that work these days. matt: thank you for joining us. you. christmas to from cranberry bogs to strawberry fields, it's been a long and winding road, but for the first time tonight the beatles are going to hit streaming services like apple music and spotify. joining me is lucas shaw, who covers the entertainment industry for us. it has been a long time. we been talking about this and waiting for this. i'm not a huge beatles fan myself. >> so you like vodka cranberry but no beatles? matt: the beatles were good, imo, but they weren't the stones, they weren't zeppelin. it was a little bit more kiddish, i feel like. am i off? >> i am fortunately from the generation where i did not have to pick. i like the funky sound of the stones but it's hard to dispute

the beatles. matt: you will be able to hear it now on spotify, something your generation is deep into. apple music not so much, right? >> apple music said in october that it had 6.5 million paying customers. we have not had an update since then. spotify is the market leader in paid subscription streaming. apple quickly asserted itself as the second-largest. matt: the beatles will be on both? >> it is a signal of the inevitability that streaming will become the dominant means of listening to music. it's already the second biggest in the u.s. physical cds are number three, except in the case of a freak like adele. matt: why would you buy an album, other than the adele record, which is brilliant, by the way -- you turned me on to that. what else, coldplay, i guess you had to buy that one. otherwise you can get everything for free on spotify or apple music. what the music industry wants

to do is pay. apple music has no free option other than its radio service. likeeatles have held out, some other artists, like led zeppelin did for a long time because they wanted to hold on to this area -- era in which people had to pay for everything. now there's a realization that streaming services are the future, and they might as well go there and try to make some money from it because there is real money being made via these services, whether that is trickling down to the artist remains to be seen. matt: $.17 per song was a decision? >> that's for pandora. matt: to the beatles get a special deal, or do they get the same thing the other artists get? >> they have not disclose the terms, but i would imagine they are similar to others. lucas shaw, entertainment for us here at bloomberg news. coming up, larger-than-life internet entrepreneur got dealt a blow in court. his lawyer will be on "bloomberg

west" later today. ♪

matt: good afternoon. welcome back to "bloomberg markets." it's time for the bloomberg business flash. it's been a record year for mergers and acquisitions with a whopping $4.2 trillion of transaction pending or completed. more than 37,000 deals completed this year. that is roughly one for every employee of goldman sachs. one of the big winners in the current merger. the wall street tank advised on $1.4 trillion worth of m&a. arfolk southern has spurred new bid from canadian pacific railway, possibly moving the takeover bid closely -- closer to a proxy fight.

wasboard decision unanimous. canadian pacific ceo said the company is willing to go directly to norfolk southern investors if the board won't discuss takeover. a spending slowdown is taking a bite out of retail. responding by giving consumers a holiday gift. that is free shipping. alladvisory says 90% of retailers are offering free delivery this year. some companies like target and best buy are providing it on every single purchase, no minimum. others require a $50 purchase at the very least. something new is available at los angeles international airport today, lyft. it is the first right healing service allowed to pick passengers up at one of the nation's busiest airports. before it was only allowed to join people off. the cup will pay the airport for dollars per trip. uber is still completing the process.

stocks rising for a third consecutive day. let's go to bloomberg's abigail doolittle, live from the nasdaq. abigail: stocks are much higher here at the nasdaq. is healthof strength care, biotech in particular. the nasdaq biotechnology index is up 2% today. we take a look at a longer-term chart of the nbi, the long-term rally is broken with the index below its 200 day moving average. just today on this buying action, it is back above its 100 day moving average for the first time since its significant distance. it will be interesting to see whether or not that near-term theng momentum can push off big selling pressure that we started to see this past summer great now it is playing into that nbi strength and the composite index.

the company settled a patent dispute for its top-selling drug. jpmorgan has an overweight rating and he says the biggest overhang on celgene stocks has been lifted. the stoxx may move higher by 15% from current levels. another source of strength from the composite index and biotech is regeneron, shares up nicely today, perhaps for two reasons. less of uncertainty plaguing regeneron over the last six months. for the year, it's up more than 30%. back to you. i saw a lot of movers in oil today. you got some down there? is the topl, energy mover at the nasdaq today. we have not queued in on any of these names in particular. we been focusing on health care and apple. matt: we are showing a string of

nymex crude. it was a 4% yesterday as well because of the contract switchover. gain this week, pretty darn good. 3473,ked off the week at i believe. that helps the oil sector. it hurts when the price of oil rises. it hit delta and united a little bit hard. abigail: that is true. american airlines, jetblue both down. analysts who were saying that the possibility of lower oil into 2016 good help these companies, that would depend on whether or not oil continues down pretty will be interesting to see whether or not this week's actions will relieve, or whether it turns out to be some sort of a bottom.

jetblue up like 50% year to date. all the other airlines are down. only delta is up. alaska also up 40%. let's go over to bloomberg radio's pimm fox. of ourelcome all bloomberg television listeners. this is "taking stock." it is a power-hungry industry, according to a new report from the california lawrence berkeley national laboratory, the cannabis industry could reduce the demand for electricity from other industries. here to tell us more, tom reddick, senior technical executive for the power research institute, the former program director at oak ridge national laboratory. tom, thank you for being with us. tell us about this new report about a power-hungry industry. this is cannabis, and it could cause some big problems.

>> takes for the opportunity to chat with you just a bit. i would like to kick off our thoughts and little bit around this issue of what we label as indoor agriculture here at the power research institute. is spawningulture immense interest, as you have stated with these numbers. certainly the cannabis industry is at the forefront of that. one of the comments i would like to say, we are really in what we would refer to as a startup period with this industry. it's not uncommon in startup industries that the focus of is not thess perhaps wisest use of energy, but more along creating a best product. but we do have is a situation

where some technology is being used in this business that are not perhaps the best choices. projects here at the institute really is to focus on this area of indoor agriculture, and understand how do we bring together three communities, the utility industry, the farming community, and technology. what we do is have a best situation. a $3.5 billion estimated industry, 23 states right now have some form of legalized marijuana. can you give us an idea of the electricity demand from this particular business? presently much of the technology that is being used, a lot of the energy really goes into utilizing. with indoor technology, what we are doing is we are switching away from the classic sunshine,

if you will, to be using some form of electric lighting in order to make this happen. say thatably fair to technology that is being ported is a lot of what we would refer to as very inefficient lighting. it would be classic hid technology or high-pressure sodium technology. what we see is that led technology could potentially reduce the amount of electricity used in the process, perhaps as much as 60% or 70%. this is where the opportunity arrests. conceptually it is good. energy practice not good. be using thisle inefficient lighting technology? foremost, it's a low capital

entry into a new business. basically what's happening here is technologies are being chosen that allow easy entry into the market, and transferring the cost into what one might refer to as sloppy practices. the cost of energy, and the total part of the business -- matt: that was pimm fox speaking with the senior technical executive at the etri. continue listening to bloomberg radio around the world on the bloomberg radio app, or bloombergradio.com. in the u.s. you can listen on sirius xm stations and in new york, boston, and san francisco we are on the am dial as well. for years after dawn on his -- after a dawn raid on his auckland, new zealand mention, a court ruled that internet entrepreneur kim dotcom is eligible for extradition to the u.s. charges against him include

copyright infringement, money laundering, racketeering. "bloomberg west" anchor emily chang has been following this story, speaking with kim earlier this year. she sits down with his lawyer today. first emily will join us with a preview from san francisco. he was busted, he's been waiting around from fighting extradition and has now lost that fight. appealthey are going to this ruling, then it goes to the high court, than the new zealand court of appeals, and ultimately the new zealand supreme court. what happened yesterday is that the judge said that there is enough evidence to support a case against him in the united states. it is not saying he's guilty of those charges. there is evidence to support a valid case against him in the united states are at the also said there's an overwhelming amount of evidence to that point in that kim dotcom's own evidence fell far short of undermining the case. and hising with kim

attorney, they are appealing this. that process has already started, and this could take another four years to play out. trial not know -- a within happen here. i went to new zealand earlier this year, i went to that mention, i sat down with kim dotcom, and i asked him, are you scared? you have been fighting this for a long time and the united states government does not show any signs of letting up here -- up. i said, you're not scared of 88 years in prison? were talking about severe criminal penalties here. listen to his response. >> i'm not scared of anything, really. everything that happens to me, i try and make the best out of it. but i this sounds crazy, don't know fear, i don't understand fear. emily: kim dotcom us argument is

that megaupload was a filesharing service just like dropbox, and he should not be responsible for the behavior of his users. he continues to maintain that he has not broken a single law, and that he will fight this to the end. he will fight this for four more years and whatever it takes after that. take a listen to how committed he is to this fight. >> i think this case is going to go on for a long time. i have prepared myself for that, mentally. this will be a fight. emily: the entertainment industry is saying that he robbed them of $500 million. a soundhink he has argument, but a judge has decided up to this point there is enough evidence to support a case against him. matt: if he robbed them of $500 million, he still has a mention in auckland. does he have any of the money? most of his assets are

frozen. he had to move out of the mansion recently. everys get a stipend month. another big part of his fight is getting some of those assets unfrozen. he has five children. we are going to get a lot more answers here. matt: emily, thank you very much. "bloomberg west" -- definitely catch that later today on bloomberg television. ♪ . .

alix: welcome to "bloomberg markets." ♪ ♪

from bloomberg world headquarters in new york, good morning. good afternoon, i am betty liu. here's what we're watching at this hour. oil prices are heating up, prompted by an unexpected drop in stockpiles in the u.s.. and opec says demand will keep sliding into the end of the decade, meaning far lower oil prices from here. trading dayt full of the year and stocks are advancing for the third straight day. how long will the santa claus rally last? chipotle changes cooking methods amid a food scare, but will it be enough to bring their customers to the burrito chain? we are about one hour away from the closing bell. i want to bring in ramy inocencio with more. ramy: good afternoon, betty.