vonnie: according to bob dudley, the oil market pretty .essimistic we will bring you the latest from that interview as it makes its final and dramatic push. 30 minutes into the trading day and julie hyman is here with the latest. a flip today from what we saw yesterday. the dow at one point rose to a record. the s&p and nasdaq are up little bit with technology shares rebounding. moving sideways in the stock movement yesterday. .8% rise on the headline number. that is also seeing the effects in the bond market. it is persisting on the shorter end of the curve. we are now seeing buying on the longer end with the 10 year yield backing up five basis points. the dollar also seeing strength this morning. that happened on a four-day street rally. now we are seeing if rising earlier. tech stocks are coming back. the strengthening after outperforming in the major averages. you just heard vonnie quinn opec and what we heard bob dudley saying about the lack of confident -- confidence in the last opec ande heard bob push. we are seeing some optimism being expressed. above $45. we are seeing many

. >> i am here with bob dudley, the ceo of bp.ome people might find it curious to see bob dudley in saudi arabia. a country where oil is a sovereign resource. are there opportunities for bp to do more here? >> possibly. saudi aramco has many partners. we have a lubricant business year and we do trading here. we do some business here. the world is trading. erik: how might bp become more of a partner? >> one of the great things about these conferences are that you have a lot of meetings and they explore a lot of ideas. tomorrow, i will be going up to , we will seearan what happens. erik: what are they looking for from bp? the countries are going through their efficiencies and changing. i am interested to see some of the amazing things they have done with technology. we will meet and talk and we know them well. the ceo is on the oil and gas initiative for the climate with me. erik: this country is engaged with some delicate talks with its opec partners. what is going to happen in vienna? prices drifted up to 44 this morning. these ar

bob dudley: we probably stay around the price we are.ial agreement. you see a with a price. we will see volatility. stands joke that opec for oil-producing exempt from cuts. a you cannott opec get the pretense a patient, if the nigerians ask for an exemption -- and you cannot get an exemption, if the nigerians ask for an exemption, can opec cut 1.5 million barrels a day? bob dudley: i think there is a lot of overproduction. they will try to reach consensus. we will have to wait. erik: what are the russians going to do? few private companies know russia as well is bp. bob: we work to their for 25 years. web a big stake in r -- we have a big stake in rosfnet. i have heard about extensions. they are sending mixed signals as well. erk: which one would you bet on? if it looks like the prospects of $40 a barrel, there will be consensus on opec. i am not behind the scenes. erik: does supply pictures the outy improved since years meeting in september. knowing the oil markets the way you know it, how much would have to be taken out in terms of ca

bob dudley told bloomberg that the oil market is pretty pessimistic. manus cranny is in riyadh.ink the deal will happen. manus: it is interesting. i caught up with him in abu dhabi seven days ago and he was held back a little bit in terms of his conversation. when i listened to his interview this morning, he put up some big red issues. the confusion coming from iraq. the different noises from russia. -- oil producers exempted from cuts. i loved that phrase from erik. i thought he sounded much more skeptical on an oil deal. >> there is a lot of surplus. it would surprise me if one or two countries cut for that amount. i think they will try to reach some consensus. i am sure that is the objective. manus -- matt: interesting stuff. it seems like a little bit of depressing outlook from him for the oil market. what does it take to be optimistic and get back to $60 oil? manus: it will take something much more substantial than what we have at the moment. matt, welcome to europe. it takes me to go to riyadh for you to be in berlin. he suggested that it is all about getting the cuts in p

what heed bob dudley thought would happen at the meeting. 44 this morning. these are low levels. we will see. i don't have any special insight. but we will see. this looks like a time where they will have some very serious discussion. do you expect agreement? bob: i don't know. the statements from the iraqi oil minister confuse me a bit. we will see, there's a lot of behind-the-scenes talk. what happens to the oil market? the oil price? bob: i think we stay at a level we are at. erik: pricing in failure? bob: people are pretty pessimistic right now. i think you will see volatility around it. erik: there is a joy -- a joke going around about opec and what it stands for. [applause] if you look at opec and can't get the participation -- if the nigerians ask for exemption -- if the iraqis, irani and, ask for exemptions, , ifthe rest of -- iranians they ask for exemptions, can the rest make it? it would surprise me if they cut that amount. i think they will try to reach some consensus as an objective. what other russians going to do? few private

that is putting pressure on bob dudley to sell assets without jeopardizing future growth.hat is your bloomberg business flash. francine: the white house has pushed back against accusations from some democrats that the fbi chief is interfering with the presidential election. president obama's spokesman said he would neither defend nor criticize james comey. u.s.lickman is the former secretary of agriculture under bill clinton and he joins us now. 2006, 2016 is different to any other year. what exactly is going on? daniel: i think it is unpredictable. in most cases you have had leaders of both political parties who kind of reflect the mainstream of their parties. i think that is true with respect to hillary clinton but not donald trump. we have never seen a candidate like him in my lifetime who is so unpredictable and so much not a part of the establishment. francine: do you think the reopening of the investigation by the fbi will cost hillary clinton the election? daniel: it may reduce some turnout. it may affect down ballot races but unless there is something there that is

pressure on bob dudley to rain and selling and selloff debts -- rein in spending and selloff debts.llion of mergers and acquisitions announced. its oil and combine gas deals with baker hughes posted its totals to about $489 billion, topping the previous record in april 2007. an opec deal to cap output is looking increasingly unlikely. warranting prices in the low $40, according to analysts at goldman sachs. they are set to meet on the 30th for the first rate -- the first production cut. a rally in emerging markets stalled in october and is coming up against potential headwinds in the form of u.s. presidential elections and this week's fed meeting. here is tracy alloway joining us from lbw -- every dobby. a little bit in october, can we blame mr. trump for this? tracy: to some extent you can. if you look at emerging markets, look at the msci currency index. that fell .5% over the course of october, led in part by the peso which is a proxy for presidential elections in the u.s. there was also decline in the south korean won because of the scandal, the colombian peso as well so it is n

strategic role here that can be given assurance that we are doing -- alix: bloomberg also asked the bob dudleyhe most important player would be in a deal. bob: it certainly isn't the ioc. i think it is the gulf states, and russia and iran. those are the ones that need to reach some agreement. i've no special inside information on where they are going. alix: for more, bloomberg join is going ony, what on the ground? could we see a deal in the next few weeks? tracy: this is the biggest convention that abu dhabi sees every year. it is usually about oil and gas. technical companies coming to show off their latest wares. this particular year turned into meeting. a mini opec the entire conversation is focused on opec at the moment. there was a lot of enthusiasm. the thing that strikes me as people seem to think that opec is doing the right thing by propping up the market at this stage in the game. we had an amusing soundbite from the energy minister today where he said that opec had come to its senses. that got a big laugh in the room. but, people take that seriously. alix: do you get a sense that b

bob pisani. >>> today the dollar climbed to its biggest level in 14 years. bond yields. and today bill dudleyaid the market moves are not altering the policy plan. >> financial conditions have changed. on fiscal policy. so the movement in markets seemed consistent with a change in how economic policy might evolve. i don't think what we're seeing in financial markets are to me concerning in terms of the implications for monetary policy. >> the fed takes financial conditions and employment in account when deciding whether to raise interest rates. a business owner's message when it comes to trade. ♪ ♪ >>> the obama administration is blocking new oil and gas drilling in the arctic ocean. the decision hands a victory to environmentalists. the plan for drilling can be rewritten by president-elect trump but that can take months or years. alaska's officials support drilling in the arctic. donald trump has called on the transpacific partnership a trade killer. but a seattle man who has operations in five countries disagrees and he has a message for the president-elect. eunice yoon reports from china.