alexion pharmaceuticals is up nicely and boosting the biotechnology index, which is about 2%.on is up on the recent approval of a drug that treats a rare disease that also leads to premature death. betty: thank you so much. prices.oil speculation that opec will keep output elevated has been weighing on the market. but what exactly is going on in oil? that is get -- let's get some straight talk from austin. jason, you are the goto expert on oil. what is going on? do we blame opec? jason: there's a few things. i think you can blame opec. i was in vienna last week. there was an expectation that they would at least roll over the production. but instead, they decided tonight even mention any number. i think that caught the markets quite a bit off guard. in the q&a session, the president of opec said, you think of the new target of where the production is right now, which is around 31.5 million barrels. this was a bearish sign and caused the price of wti to close below four dollars a barrel on friday. it was a critical technical support level that was tested for an interim basis for

. >> a win for alexion pharmaceuticals, discussing the million dollar baby and pricing war on a firsterview. >> how much are you willing to pay for a handbag? a high end auction where rare, one of a kind ladies' purses may fetch $150,000. the final hour of "squawk box" begins right now. >>> live from the most powerful city in the world, new york, this is "squawk box." >>> welcome back to "squawk box" here on cnbc. we are first in business worldwide. you have not seen me do it in my other voice. you want me to do that? i'm michelle caruso-cabrera and we are less than ni90 minutes ay from opening bell. >> we were saying that when you are trying to read prompter, you can't -- >> just talk naturally. >> otherwise it's flat. >> we're talking to mike, he's reading prompter today. >> a little bit. >> acquired. i was never good. i never try. it suggested content anyway. you don't have to read it. >> bullet points. >> yes. >> check out the european markets at this hour. right now, they are -- >> she's good, though. >> mixed, germany's high, and france is higher, barely, and ftse, italy, spain,

leading the way today, insis, alexion. but if you look at the ibb, it is down more than 10% as you'll see in just a minute. there it is. melissa lee joins me from the nasdaq. she covers bioteches heavily on "fast money" at 5:00 p.m. so this sector, you know, i was looking at the numbers of the bigger biotech this is year. they're all moving up largely today or a lot of them. >> sure. >> they're moving up today. but as you pick through the sector, it is really a security specific story. some are up double, triple digits this year. others are down 50% or more. >> yeah, you have to really take a look at what they have in the pipelines and the recent drug news. it's important to keep in mind about the entire sector. even though it had a rough past six months or so, year to date the sector is still up 8% and if you take a look over the past four years, four years ago the ibb was sub100. it had a run so far. this year it's really been hit by concerns over drug pricing and the political sort of environment. and also the fact that