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i'll start with the breaking news from the iea, the latest monthly report on what is going on in the oil market recent weakness in oil demand growth is likely to prove transitory that's what the iea is saying according to the latest report the brent cruise price trading down 1%. that's on concerns about the huge build we're seeing in these markets. we saw the api data, very positive for the oil bears yesterday, an increase of 2.8 million barrels a day. 511.4 million barrels. we have the eia data coming as well brent solidly under $48 a barrel it wasn't supposed to be that way for a bit. wti trading a couple bucks lower to that. what is the iea saying today oil growth is likely to prove transitory global stocks remained stubbornly high with a modest demand acceleration in 2018 to 99.3 million barrels a day the point is there's a golden level, 100 million barrels a day of global daily demand they reckon they might get there in the fourth quarter. their report today is called whatever it takes. this is what opec has said, whatever it takes to get the supply/demand balance back in check.

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your h shoulmake iea to dall e things you do. whh is whawe do. crowne plaza.ll biness, mos >>> welcome back to the code conference. hillary clinton speaking out about technology and its role in her devote during the 2016 election. she called out social media and what she described as weaponized information. >> if i put myself in the position of running a platform like facebook, first of all, they have got to get back to trying to curate it more effectively. they have to prevent fake news from creating a new reality that does influence how people think of themselves, the world, the decisions they make. >> kara swisher did that interview and she joins us here at the code conference. kara, thanks for coming back. >> no problem. >> she was highly criticized and is today again for blaming the times and the dnc and the russians. is that drowning out a more important message about tech? >> i think so. you didn't hear the whole thing. we were here, we know. the reaction in the room was very different. they were weren't listening to it. they didn't listen to the whole

it normally is this time of year, some are blaming the weather and less driving for that trend the iea with a report suggesting the supply glut would continue through 2017. most analysts on wall street modeled some sort of supply demand rebalance to stabilize prices, curb volatility, making it easier for companies to do business the question is where do we go from here. traders are saying 45 was breached yesterday 43.73 technical support there. 42 is not out of the question. i will say this. opec was pretty wise at the last meeting. they did that extension for another nine months, but they held some cards back don't count them out of the game yet. they know they have a lot of power if they make smaller cuts as we go on. at least the saudis know that. they have more cards, more chips they can play in the game. >> what level does oil have to trade at to warrant a response for some of these oil producers? if we get down to the 42 level you can see action being taken i think what's remarkable is what's happening this summer that lack of summer driving demand is something we have not seen i

20 points oil prices falling on a surprise build in api crude inventories and a new report from the ieaaying demand growth won't accelerate until next year we have about a percent slide in i'm prices bang on $46. it was down more like a percent and a half so we stemmed some of those losses this after a three-day gain for oil prices up about 0.8% yesterday. we will get an official read from the energy department later this morning >> let's look at markets in asia specifically in china. the factory output growing 6.5% in may from a year earlier slightly better than expected retail sales topping forecasts at 10.7%, but fixed asset investment did come in lower than expectations. we saw a 0.7% decline in the shanghai news around anbang insurance we saw a lot of companies it was invested in move lower that is on news that a flshgsbaflshg anbang' chairman said he is unable to perform his duties, reportedly because he was detained. that has had a significant impact on companies doing business with anbang >> eurozone april industrial output up a half percent month over month in the last 15 minut

meantime the iea out with a report this morning suggesting the supply glut would continue through 2017 remember, most analysts on wall street have modelled some sort of supply/demand rebalance we would help stabilize prices and curve volatility where do we zpo from here? traders say 43.73 and 42 is not out of the question. >> all right, jackie, thank you. take a look at the xle, they attract the energy sector. that was down 2% today the worst performance sector of this year down 13% look at the dividend yields on some of the integrated stocks. bp with nearly a 7% yield. chevron, exxon with 3.75 are these dividends in trouble and really the european integrated they have a 7% dividend yield? >> i think bp have the track record in terms of rds, hotel is the one i actually like. the when i actually own. >> there is a 5% yield, 4.8. >> yes, this is a different environment than where we were, you think of a name like chevron, they went from 36 billion in capex in 2014 to half of that very quickly by 2016 so i think the big integrated names, especially exxon who basically rests their reputati

now to my former colleagues if iea may. i am so sorry that i didn't get the chance to say good-bye to you properly. it was these hon eror of my lif serve beside you and to be a part of the fbi family and miss it for the rest of my life. thank young for standing watch. and thank you for doing so much good foroo this country. do that good for as long as ever you t can. and i lookti forward to your questions. >> thank you for that testimony, both oral and the written testimony that you provided to theo committee yesterday and me public to the american people. chair would recognize himself first for 12 minutes.vi vice chair for 12 minutes based upon the agreement we have. director, did the special counselic office review and/or edit your written testimony? >> no. you have any doubt that russia attempted to interfere in the 2016 elections? >> yonone. >> do you have any doubt that the russian government was behind the intrusions and the dnc and the d triple c systems and the leaks? >> no doubt. >>t do you have any doubt that the

that we intend a rigorous application of the compliance requirements any rigorous confirmation from iea that they are complying both spirit and intent question importantly, remember the jc poa is a multilateral agreement so we have partners, i would say, there were on our side of the table, best i can tell that they will have their on. >> thank you and your predecessor pointed out that it was a political commitment, it wasn't a treaty, it was an executive agreement, political commitment one that we didn'td t ask for a signature on. it is an unsigned local agreement. the administration wreck license islam as the capital of israel. >> the and ministration has not expressed a specific view in that regard. >> i would state my own position. i believe strongly that the administration should recognize jerusalem as the unquenchable capital of israel. will the administration eventually move the embassy to jerusalem?e >> that decision is under evaluation by the president. avidly, he'll have to make a decision coming up on whether to extend final decision on that or not. he is not made that decisi

opec, the iea, analysts from goldman to city. it is an industry that is managed to adapt.oved technology. it is managing to make money at these low prices. many have thought this year $55 was the range, but it has proved resilient. the energy information agency is talking about supply in the u.s. exceeding 10 million barrels a year in 2018. it is one of those industries that is applying a huge amount of pressure on the oil price. that is probably the biggest reason why prices, especially west texas, is heading close to that $40 a barrel mark. anna: thank you so much for joining us today. let's get back to michael sneyd. your thoughts on the oil market right now. i have this chart that type oil in with what we are seeing in with equity markets. a leadingnger indicator it seems for stocks. oil prices are falling, that is the blue line. we have not really managed to make much headway back to $60. this is the way equity markets have carried on regardless. not quite the link there there was. it is interesting. the direction of the correlation i think is driven by whether or not

iea think they have made a marketing in a business decisio decision. >> greg: people like to be challengedwhy "the five" is the most successful to show in history of television. >> kimberly: exhilarating, thrilling! we could get when any authorities appearing to get a handle layer. renouncing more smoke and flame flames. it wasn't that case about five hours ago. it has been burning for five hours. the mayor of london calling it "a mayor stomach major incident." a number of people have been treated for injuries including smoke inhalation, but so far no word of fatalities.

not change, we'll see $1.8 billion a day growth that's almost twice what the expectations from the iea number two is that this bucket of non opec and non u.s. production, everybody is assuming this has to fall off the cliff at some point. we are saying that's fallacy this hangs in there and it does not fall nearly as muchor as fast as people expect. that basically sets up what we think of a $2.2 billion a day. i think that's right now is the lowest long-term expectations on the street >> at what point does this become a credited issue for any of the company you cover if at all. we are seeing now of the price of wtis is much different than what we saw a year and a half ago. the mark is telling us this could be something worth worrying about >> i don't think the credit market is reflecting the danger. a year and a half ago, we came up a period of wti crude the market market is not close to reflecting that thursday, we got now and we are rerunning our number 2018. the averaging company is over three times. that's going to be uncomfortable, too >> a few days ago we did a story here in the

the iea says the supply glut will march on. u.s.ducers are taking advantage of opec's efforts to bring output down. but not all players are cooperating now due to the length of that cut with that extension. there was the hope also there would be some seasonal summer demand here in the united states that would eat into some of the oil and storage. but even that's not panning out right now. weeker demand blamed largely on the weather. meanwhile, confirmed these theories to draw on crude oil less than 2 million. that's small this time of year and a more than 2 million build in gas doesn't show they're -- today was particularly telling a break under $45 which was a technically significant level. suggesting that there could be more pain ahead. analysts said $42 isn't out of the question at this point the average for a gallon of gas, about a nickel lower than this time last year $2.32. kelly? >> i'm surprised i haven't gotten a bill griffith update out there during this travels. we'll see if it's dropping in front of his eyes. thank you.

the iea just released the reports. the goal is to outstrip demand gain for 2018, this is interesting because it follows those cuts from a number of opec producers, including saudi arabia. the ieaclear whether expects demand globally to be a little stronger than we were expecting. this is the impact on crude oil after the breaking headlines came in two minutes ago, up 45 .87, down 1.2%. it is fed, so i want to look at the dollar. the dollar is weakening for a third day. u.s. treasuries are edging up. european stock markets are opening up a little bit higher following a mixed day in asia. if you look at the generic two year yield, that should be in red. we are trying to fix that glitch. gold, 1267. it is always a good thing to look at gold and to look at havens. after macron talked to theresa may, look, they could always decide to stay within the union. london fire commissioner says there has been a number of fatalities after a huge blaze engulfed a tower block. more than 50 people have been taken to hospital. this occur

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