low oil prices mean that there is less oil production. there's certainly been a decline in oil field jobs in the united states since the decline in oil. it leads to lower gasoline prices which has the unfortunate effect of inducing people to buy larger cars and to drive more. - [narrator] at the geopolitical level, increased american production makes the us less reliant on imports. - [colgan] some people talk about energy independence, and that's a goal that doesn't necessarily make sense for the united states because it actually helps us to be globally integrated into oil markets. - the bill i sign today takes a significant step. it will help us diversify our energy supplies and reduce our dependence on oil. - [mcnally] when i was working in the white house and we would have to read the president's speeches for president bush; george w. bush; and i would read, in a speech where he would call for energy independence and getting off of oil, which has been enormously popular since president nixon said it; i would always cross it out and say

the gleam ofof oil. in the sky, the power of oil conquering the heights. onon the sea,a, the might of petroleum, pulsing in great engigines of the liners that traverse the deep. on land, o oil feeds the fiery furnace or drives the diesel engines along far-flung rails of steel. and on the open road, well, you know what makes your auto run. for millions of years, this source e of power slept peacefuy iin the dark recesses s of the earth until modern magic loosed the liquid energy from its subterranean prison. >> the quest for oil was not only confined to land. it extended offshore. there are oil reserves under the coastal waters of the united states, mainly off the coasts of california, alaska, texas, and louisiana. the gulf of mexico, home to a rich diversity of marine life, and it also produces almost a quarter of america's oil. tapping these offshore oil reserves helps meet a significant part of u.s. energy needs. but when things go wrong, there's a high price to pay. in 1969, the santa barbara oil spill dumped two and a half million gallons of oil into t

oil stockpiles at the moment? trade in aeeing oil range of around 50-53 u.s. dollars per barrel.blem has been that even if oil supplies in the u.s. starts to come down, we are seeing drilling activity increased. increasing for 13 straight weeks now. while this has been increasing there has been a lot of focus on whether opec will have to continue the cuts into the second half of this year. that is why there is going to be a lot of focus on the market may when the opec meets again. this is already priced into the market, so unless they expend expected we could see a bigger fall. shery ahn: we have seen animal spirits really picking up in the u.s. around the permian basin. lucrative gasery play. we saw that yesterday. we had blackstone announcing it will buy a company called eagle claw midstream ventures or $2 million in cash. eagle stream operates gas pipelines, harvesting the gas that is reduced alongside shale oil. the gas story, you worry about u.s. shale oil production being relatively resilient, check out what has been happening with gas. we have had gas production rising to

oil production is as strong as it is. into this next meeting they need to think bigger, think more aggressively. not just extend the agreement, increase it, take out more oil. is that going to be an option? corrects the problem is the free ride. you take some oil out of the system and the price will rise a little bit. the real issue is you have the u.s. not in opec but it has russia. will it respond? there are all sorts of issues here. the background is the budget restraints on all of these big oil-producing countries, they have big social expenditures and the oil price is a problem for them. the oil production how do you fund the deficit? and the incentive to cheat. >> we spoke about how the .arkets aren't convinced a fabulous article as well, the next catalyst could be that meeting, that extension in the opec agreement. what are we looking at if this agreement is not as impressive as some market observers would like it to be. >> we seem to have a range, a 45 through 55 range. if you failed to hit an agreement that would

but fish oil -- it's 18% epa, 12% dha, and that's a standard fish oil.contains very few other meaningful fatty acids that actually reduces inflammation. and then the extraction process yields something called free fatty acids. and free fatty acids are more what we call bioavailable. so, what that means is, your body can immediately utilize that substance. it doesn't have to go through a lot of steps before it's absorbed. >> so, "fat" is not a bad word in that connection? >> [ chuckling ] no. >> some fatty acids are good. >> fatty acids are absolutely essential for your health. omega xl is, you know, omega-3-plus, because it contains the 30 different fatty acids that are not contained in any fish oil. >> and look at the difference. >> i mean, this is really important for compliance. if a patient can't take the pill, then it's not going to benefit them. >> the omega xl capsule is so small that it's just -- it's so simple to swallow. you get most of these pills that have -- that are huge to take, to swallow. it's, you know, very hard. but these, the omega x

that is the big long-term issue for the oil markets and oil producers in particular.hat is why we are at this. shery: what is the level we are seeing production being cranked up or down? is $50 a barrel the new congressional? >> it depends on how the market is trading. there is genuine hedging by consumers and producers of oil. it becomes a very technical market. it is a proper commodities market. it is always telling us about the demand and supply. what is happening now is that, in the old days when you wanted to shut down an oil-producing platform in the gulf of mexico, it was a very big expensive long-term job. it was much slower to respond. as we see with shale, they can almost turn a switch. that is a big problem for people who are used to slow response versus rapid response time. look at the data out there and the fact that u.s. oil production is as strong as it is. maybe opec has this all wrong. maybe going into this next meeting the aged think bigger and think more aggressively. , not extend the agreement just extended, increase it. is that going to be an opti

oil prices are improving, what is your base case for oil in your outlook for 2017?are we going to see the reforms of the saudi government take in? are you beginning to see some of that in the numbers and in demand for your product? abdul: yes we are seeing get, in fact. in fact. it, we have seen it since 2008. there is a growth in demand and we believe that will continue for 27 team -- 2017. for financialg institutions. banks are trying to enhance qualities of assets. that will continue. some banks are making some provisioning. that is why you will see the results. sectorl find the whole as improving. closing question, the last time we spoke you were talking about how you were looking to grow your branch network. how much progress are you making and how many more branches will you be adding? are you considering new markets? abdul: yes. we grew by 15 branches. for 10 branches. we will leave it there. live, the ceo and managing director of a lima bank -- alinma bank. where would we go without european politics? this is bloomberg. ♪ shery: time to take a look at what i

we are talking about iraq oil production.s thatnister still they plan to increase crude production to 5 million barrels per day by the end of the year. given everything going on in the country and these expectations of production increases, how will on the defected and prices there is obviously a the quotason between under the new opec deal. they can move to $5 million, that he equates us willd 4.2 to if they adhere to quotas, they may increase production capacity. whichput together a chart tells the story. russia was a wildcard. a lot of analysts say that russia hasn't consistently delivered. now, the latest numbers around. down 1.6%. the line in blue is the oil output which has also been on the downside. price.ow, the crude his russian going to be up for an extension of the deal? >> again, who knows. obviously, the russian economy benefits from higher oil prices. -- velocity? think opec complying is good. given an maybe being indication that it needs to get on board as the price dropped 10 days ago. that was the warning to

lore oil prices.r in the push the sense we have the bonuses for state officials reasons dated. youh of these forces do think is going to win out in the end? we don't look to the taxation as affecting the constitution? the benefits is to correct the factors. excess to the accounting. this is the benefits. the global average is 12%. saudi arabia expects it to be 5%. say, produce needed imprecation. that was the idea. yousef: let's talk about hospitality and how it is holding up. i spoke with the ceo of the largest hotel operator. he is still positive and upbeat about the road ahead. take a listen. in the region, it is difficult for the last 24 months. hotel, we have never left a country when it has been difficult. for us, we are sending more and more contracts. dubai and the middle east will come back. it is a matter of time and creating more demand. in terms of geographic priorities, what are your top three? >> dubai at the hub. coming to dubai for tourism and so forth. saudi arabia is a big endeavor.

oil stocks lose as a value play. why buy oil stocks when oil is down and the rest of the market up? exxonmobile beat earnings expectations, earning more than r of last year. to the first that's largely because oil prices improved from $30 a barrel average in the first quarter last year to $50 in the first quarter this year. that's good news. the bad news is, the price of oil is trending down recently. and they're producing less of it, at least exxon is. it's a magic combination of an improving economy plus opec production cuts, which was supposed to be driving oil to $60 and beyond. what messed it all up was shale production. even if oil can you say, how can oil move up when you have an enormous open faucet that's north american shale? the hope is that big oil prices will rise again fueled by opec cuts and less capital oil spending by the big oil companies. well, we'll see. for "nightly business report," bob pisani at the new york stock exchange. >>> on wall street, stocks sagged as new data on the economy were not enough to lift the market today. investors will keenly watch develop

certainly gold and oil.h oil, with syria not a big oil producing country, but you have all the big heavyweights against each other, the u.s. and saudis on one side, iran and russia on the other. iraq in the mix there someplace. so a lot of oil hanging in the balance. but the question starts to become from there, you know, to the extent oil production does not get affected, and it hasn't throughout this, syria has been a disaster for years now. refugee crisis, oil production, even with iraq, problems in libya, the oil production gets spared. that's the spoil of the war, the spoil of the battle. at this poent you point, you have to wonder whether opec, russia and others will come back together to keep their recent deal to limit oil production together and roll it over for another six months. sort of hard to see how the saudis will be enthusiastic working with iran and russia again to help them out in a way to support their countries, iran and russia that is, with the higher oil prices. >> what are your thought

true once we switch to an oil-based military. - 15% of our oil imports still come from saudi arabia. and saudi arabia is the key country that sets the international hydrocarbon's price for all the world through it's petroleum production. it produces 10 1/2 million barrels a day. it has 259 billion barrels of oil. - [narrator] the alliance was further cemented during the cold war. in the 1960's, washington launched the twin pillars policy arming both saudi arabia and iran against the threat of communism. - a kingdom along with the united states and other friends in the area joined together to try to challenge this expansion of communist influence. - the pillars of americans grand strategy in the middle east were to have this powerful allies who could basically do our job for us and maintain security, keep the soviets out, help to prop up friendly regimes. when the irani revolution happened in 1979, it completely undermined american grant strategy in the region. - air gulf states got together and formed the gulf cooperation council. in large part, because of the concern about the irani

oil rig count.riday when we got the new , we have oil rigs rising again korea production continues to rise. how many more sundays are we going to talk about this? we can't get out of the dynamic where opec tries to push up prices and then there is a rebounded production. >> the dynamic will continue to play for some time. opec maintaining its promise to extend output cuts. i don't know they would announce further cuts. that would be one thing that could it drive prices higher, but it will not be for long. our view is average will be $55 a barrel. one important element will be demand. asyou see demand growing, part of the global economy, but to thet see prices going $60 level. our expectation is $55 a barrel. one other thing to keep an eye on is market shares, for example saudi arabia wants to preserve its market share, what does that do to the discount they are selling at? you have the opec basket. i think the discount is still around three dollars a barrel. is also pressure on the market share pres

oil has been up as has the yen.ut the help all of that compares when you normalize things in the volatility. we are talking about in that yellow screen. from monday.p yousef, very interesting times. yousef: risk appears to be coming back, gradually. just a little bit camp or two yesterday. this part of the world is just under two hours away from the emirates market. dubai and up with dobby, this is the state of play. interesting that -- dubai and abu dhabi, this is the state of play. consumer discretionary spirit the tadawul is down 2/10 of 1%. we are seeing a spike in activity in dubai. still down if you compare it to the 20 day average that is coming back slowly. egypt is rebounding after the initial selloff we got following the sheridan. seeill be interesting to how those financials fair after some of those earnings from qnb. also watch out for brent crude oil, the call off is the highest since march or it will get into that shortly. interesting tobe see, especially where we are as far as prices. there is some po

as the world's top oil buyer.lobal news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. i am paul allen. thank you for that. a day after the boj signaled it is too early to consider ending stimulus, a delusion of data supports that position. kathleen hays is with us in tokyo. let's start off with the labor market. we have seen conditions tightening, but what does the latest indicators tell us as to whether the boj maybe should have downgraded that inflation target further? well, it did not cut its inflation target much, but it does say clearly, the boj says in its monetary policy report, governor kuroda to express this in more ways than one at the press conference yesterday come the labor market is tight and that is one reason why they think wages will rise and help inflation rise. today, the jobless rate in japan stayed at 2.8%, the second month in a row. nice, tight labor market, london unemployment rate, jobs to applicant ratio. , 1.5 jobs for eve

it hedges its own crude oil. that is the oil that mexico produces.an sachs and other banks are charging more money for this. nejra: thank you to javier blas. a great story, it is top of the last eight hours. unsurprising. president trump has been posting his ceo town hall at the white house today. they are discussing policies that would help create a pro climate, in their words. joining us is one of the business executives in the group. tom farley of the nyse group. what did the president say that gave you the most encouragement? >> it is great to be here with you today. specifically with respect to what the president said, it was everything. by saying he wanted to be the most business friendly present there has ever been. that is a good start considering you have some of the largest ceos in the room. he spent most of his time talking about how he views the regulatory environment on business in this country to be onerous. he gave two examples where he thought reducing regulation would free business to create more jobs. it was good. he did not spend t

therefore the oil price definitely has to rise.this moment in time, the andly is still sufficient there are 6 -- sufficient stocks in the market to provide for the markets. those stocks will be running slightly lower. yousef: speaking with the kuwaiti oil minister a couple of weeks ago, he was saying that they are looking at expanding that agreement to include more non-opec countries. is this perhaps the next catalyst that could really determine who is winning this tug-of-war between u.s. outputs and opec china rebalance the markets? john: it is already difficult to control for production in the organization. if you go outside the organization, russia has been part of the agreement. the recent agreement in november is going to be a lot more difficult. for that score, i am not really optimistic. at the same time, we see that agreement at the moment reasonably holds. yousef: looking at what has been happening with natural gas, it is a fifth of 1% higher, but it does not tell the story of the tremendous volatility we have seen in the

i think they have managed much lower oil prices. comfortable where we see the oil prices.ery minimumg deficit. but if oil prices remain in this range, we are close to what we wanted. the qatari was finance minister. he was talking about oil prices. we are seeing that rebound slightly after falling more than 7% after the past sessions. next in the markets will be the weekly yet a reports which is expected for a further drop. more on this from abu dhabi. again, it feels as if we are stopped in the middle between opec in u.s. shale. who is winning? exactly right. it is a familiar story, but it is getting familiar now, particularly since we had a bunch of oil ministers who gathered in abu dhabi last week. mini meetingivate on wednesday and the outcome of that meeting seems to be that there is a consensus building that we will get another extension about opec production cut, at least according to what the saudi minister said on thursday. at the same time you have the market reaction. oil was down significantly on thursday and friday. if you look at the cftc positioning data, yo

oil, when wehat had the massive drop in oil, that provided a tough situation. that it is leveling out, people are coming to terms with it. i think that is why we are seeing a return to strength in the market. somef: let's tie down details in terms of what areas are experiencing interesting growth standing out from the rest of the city. definitely be areas not struggling from oversupply. read some of the other zones. we have seen good levels of demand, whether from the financial sector, or the technology, media, telecom market. the actual sectors have continued very well. we have seen recent announcements such as amazon, and these sides of the market are motoring very well. these actual areas with real estate, they are limited in terms of supply. we have seen them book the general trend and seeing growth in terms of rent and capital values. similarly with residential, we have seen downtown pricing has done well because there has not been the same level as other regions. there are parts of the market for sure where has been huge levels of supply and inevitably, w

the oils and oil service, you can stay away with from right now, with oil still under pressure.an continue to own, continue to own these multinationals. they are consumer products and tech stocks, but beware, they are high. they are at lofty valuations. >> david, do you realize growth was your acronym on the day that gdp growth disappointed. you're not concerned about that? >> i think it's a passing thing. it's a first quarter thing. i think you're going to see a pickup in growth coming ahead. i think once the market is in anticipating the month of may, is a good month for the stock market, and they have a saying, hooray, the month of may, the outdoor picnic starts today. the market's going to have a feast, have a feast, go higher, and we are late in the game. this is -- this is is a bullish short term view, and a cautious, but constructive view longer term. >> we'll see you outside for a picn picnic. >> okay, thank you. >> david, always a pleasure. >> cnbc, first in business worldwide. >> there you go. 5:00 a.m. to 5:00 p.m. >> do you have a may acronym for sell in may? >> and

today on "medical discoveries," we're exposing america's fish oil scam. doctors everywhere are recommending americans take fish oils daily because over 8,000 clinical trials support what have been called miraculous health benefits. so why aren't you seeing the benefits from your store-bought fish oil? coming up, you'll discover the truth about potency, purity, and the missing-link ratio between epa and dha that researchers affiliated with yale university have discovered, which is the key to unlocking all of the health benefits of omega-3 fish oil. you'll also be introduced to a specific formula called omax3 ultra-pure, used by pro athletes and top doctors to achieve amazing results in just one week. join nutrition physician dr. melina jampolis and neurosurgeon dr. joseph maroon as they lead our discussion. it's all right here on "medical discoveries." >> welcome to "medical discoveries." i'm thrilled to be here today with dr. joseph maroon. dr. maroon, welcome. >> thank you very much, dr. jampolis. i'm excited to be here. >> now, as a practicing neurosurg

rigs coming on will stabilize the oil market in terms of u.s. oil production.t matters is the compliance of opec, and do they go back into it this year? -- into the back end of next year. everyone is watching the inventories. >> opec, is there the political will to keep going on the production cut, seeing how they have thrown a lifeline to u.s. shale, but the bulk of the pain is falling on saudi arabia. >> they need to lead, because they're the biggest players and have the ability to flex more than others. what has really changed for saudi arabia since 2014 -- in 2014, they thought we cut, shale takes our money, everyone cheats. now, they say we cut and stabilize the price, we can give away our aramco bonds. away our bonds. giveaway aramco. giveaway aramco bonds. the forecast has changed for them. they have the will. does opec and non-opec have the will outside of saudi arabia? you can feel a little panic even though the oil price is stable at $50. just creeping in. >> you mentioned saudi aramco. we had news last week they were looking to sell their first sukuk

could we see some upside when it comes to the oil prices and the oil stocks because of that?s, i don't think we need to in a remarkable improvement oil price for the energy sector to have some upside here. the trump trade had nothing to theith energy, but if improvement persists, i expect it to rally as much as 10%, particularly investors remain income seeking. yousef: i have pulled up this function that shows fund flows for the middle east and africa. mixedn see the allocations outperformed, some weakness in real estate, commodities flat. how would you divide this up for the next six months? >> we have a fixed income bias. we have a positive view on equities, but everyone is waiting to take their money on that trade, so we are looking to buy bonds in a but not at these yields. swinging out of the equities after strong returns globally. could bethe market different because we have seen these markets go down against that long-term trend in global markets because of the weakness in the oil price. what about the mergers and acquisitions story? we saw the first day of trade for f

is still pumping oil like it's going out of style. that is not good for the price of oil. is our production screaming? because at these levels, so many oil companies, particularly in the permian basis get about 100% profit, so they're going to keep pumping like mad, and selling aggressively, once again putting a lid on the commodity's price. and saudi arabia is talking about the need for opec to keep hits price in place for longer than they thought. but there's no making up for the new production in america, thanks to new technology that makes it much easier and shaper to pull oil out of the ground. what do you do if you own oil stocks? we have been telling club stocks, it's time to trim some of your oil exposure here, because nothing can counter act the relentless increases in production we're seeing in this country. plus there's no international crisis that can move the needle. nothing is going to offset our new oil production. the only gaining factor here is that there isn't enough pipe to take this oil to market, and shipping by truck or rail eats into your markets. th

tracking what we have seen with oil price.rlier, wti and brent almost 1.5%, those gains have moderated a little since we got the oil inventory data but still fairly resilient. i want to show you this technical chart on brent crude, the global benchmark. it closed above the upper band technical indicator for the first time this year. this is generally viewed as a buy signal. something to keep an eye on as we continue to the week and see if we can maintain the resilient in the oil price. read above $55 per barrel earlier in the session. , one stocksyngenta we are focused on in the european trade with 10 china when he eu antitrust approval for its $43 billion takeover of syngenta. one day after u.s. regulators gave their blessing. syngenta is up more than one person at the moment. it is approaching the china did a price, that in-flight with syngenta intraday in blue. across assets, a check in on this, more greens and reds in the equity space, the ftse 100 up 4/10 of 1% and spain's ibex up for terms of 1%. sterling up 3/10 of 1%.

oil minister is saying he is seeing signs that global oil stocks are gradually dropping.of that story is we are a look out ahead of the weekly inventory number from the eia which is currently predicted to see a 1.5 million barrel drawdown. that is all we have for this edition of "bloomberg markets: middle east." david: daybreak europe is coming up on the top of the hour. this is bloomberg. ♪ manus: the fed shifts gears. chair yellen says the central bank's focus has moved away from crisis management and is now slipping into neutral. stocks slump. asian equities take a leg lower, treasuries rise, and the yen is on the up. risk off for investors as they approach the european session. declinefaces its third for its third deadline to report earnings. how bad will the numbers be from the embattled electronics empire? and tillerson's trip. the u.s. secretary of state arrives in moscow later today as the trump white house steps up the warnings in syri

seen a rebound in oil prices. brent crude up by 0.4%. wti crude up by a half percent after the worst day in six weeks for these prices in yesterday's trading session as a result of that surprise build in gasoline inventories. seeing more speculation about an extension of the production cut, that's boosting oil prices. it is a busy day when it comes to the corporate front. let's get back to publicis, shares have hit a three-month high after the french advertising group's first quarter sales top expectations. nancy is in paris. the company had issue with large orders or large accounts in the u.s. is the outlook looking any better there? >> as you point out, a lot of the bad news around the accounts losses are old news as far as investors are concerned, that's why you're seeing the stock move higher. analysts saying they there were hardly any new incremental negatives, and sales growth were better than expectations. that is helping optimism. i had a chance to speak to the ceo and asked him whether or not this would r

at one time this market was rocked by the price of oil. you know when it was at $53 a few weeks ago, i told you it would fall and fall hard when our producers make a huge amount of money. they turn on the spigot and sell oil futures, today as low as 48 and seemed ready to go into free fall. there are domino like indications when oil gets slammed. we know oil is going down because of too much u.s. supply. we know oversupply is happening because our finding costs have gotten so low we keep pumping and pumping and pumping. even though it's u.s. supply overwhelming worldwide demand and not softer demand itself there are plenty of global money managers who refuse to believe that's the case and immediately start selling stocks and buying bonds when they see oil falling. they don't stop and analyze by oil is falling, they say demand must be weak, sell stock and buy bonds. they don't care the reason, they see oil as indicator of economic health, domino one. domino two, they assume there must be less demand in the entire economy. they don't care wh

share oil progressing.the other hand, we have opec essentially trying to reduce global supplies to stabilize a price. and at the same time introduce a new octave which to reduce the oil-consuming countries back down to their five-year average. >> the geopolitical tensions that have been rising of late, is that going to have a marketed impact on the price of oil, do you think? >> as with the case of oil in the middle east, everything that happens in the middle east of a geopolitical nature always tends to make the markets jittery. we saw that with the air strikes on syria. the oil price jumped up and quickly came back down gwen. now, we have other geopolitical disruptions with libya. yes, it matters from a geopolitical perspective. and as you mentioned secretary of state rex tillerson is visiting europe and he will see his russian counterpart this week. we'll see how that dynamic evolves. >> with the fear factor that we're seeing in the market officially inflates the price of oil. if you before, from a funda

yousef: the week on oil markets as u.s.upplies searched and saudi arabia would back an extension of cuts. this is bloomberg. ♪ yousef: welcome back to the best of "bloomberg markets: middle east." oil prices gained on talk about the saudi will support extension cuts beyond june. for more on that we spoke to our energy correspondent. >> you talk about geopolitical risk coming into the market. we are seeing some of that. with libya and saudi arabia, it comes down to less oil on the market. libya is having problem with the ports. back to the 700,000 barrels per day. those go down as ports closed. yesterday we received information that saudi arabia was pumping below 10 million barrels a day in march. that was from a person familiar with their data. that was lower than some observant agencies were putting on march. that is less production than expected. many thought that the saudis were increasing production, though staying below the opec limit. we thought they were increasing slightly because they did not want to do all of the

sometimes oil leads foreign, sometimes the dollar leads oil.015,k at 2014 thewas pretty much leaving dollar index -- leading the dollar index. what i'm saying now is, part of the reason oil -- the drop in oil prices was impacting the u.s. current account possibly. the u.s. is a big net importer of oil and energy. a lapse in oil prices was actually enabling the u.s. for the same number of dollars. but that could actually start to change if the euro recovers, and i think the euro has been under a lot of pressure because of internal domestic politics in the eurozone. that's one of the reasons we are more responsive within the correlation structure. that is our view and that is why we see it more positive. i agree, correlations can be close to zero for four, five, six, seven months. over the longer period, they tend to be longer than that. >> what is the downside risk for oil at this level? >> i think the biggest challenge is that inventories are not coming down the way they hoped. >> -- >> there are some products where there is -- real market tigh

it was holding about 4,000 gallons of diesel fuel and 300 gallons of hydraulic oil, basically lube oil machinery, according to the coast guard. now, the coast guard has deployed 3,000 feet of containment boom to prevent the oil from spreading. so far no reports of wildlife fish or marine mammals being affected by the oil spill. the barge is owned by bart. it's 100 feet long and about 50 feet wide. it is part of their maintenance program. bart is telling us that they use the barge to basically prevent the transbay tube from corroding. we don't know why it capsized. but possibly they are looking into the weather aspect. it was quite windy overnight but the good news again, no wildlife or marine mammals affected yet. they haven't gotten report of that. but we'll keep an eye out for that. live on treasure island i'm da lin, kpix 5. >>> a landslide is causing headaches in the oakland hills. the slide cracked the road near banning drive last night sending dirt toward a home. >> kpix 5 reporter anne makovec has more on the clean-up. >> reporter: the city still needs to get in here to assess t

oil stockpiles at the moment?ter: at the moment we are seeing oil trade in the range of around 50 or 53 u.s. dollars per barrel. the problem has been that if oil supply start to come down, we are seeing drilling activity increased. it has been increasing for 13 straight weeks now. while this has been increasing, there has been a lot of focus on whether opec will have to continue their cuts into the second half of this year. that is why there's going to be a lot of focus on the market for may when opec meet again. a lot of analysts say this is already put into the market so unless they extend the cut as assume we could see a big fall from there. tracy: thank you so much. we have more headlines crossing the bloomberg right now. we have a report from the national that arrow cap is potentially pursuing legal cases against formal answering. -- aerotech has an interesting story. looks like the drama is just picking up. shery: we have to keep a close eye on that. let's continue to talk about oil prices when we come back.

, but it borders iraq, which is a major oil producer.et us go back to fundamentals. try to flush out what is knee-jerk reaction and what is fair value. reasonable, if you will, price or oil? we have seen it creep up slowly in the last few days. guest: probably reasonable. i do think we are potentially getting towards the high end of the range for oil. a major supply disruption, of course, but i think what has transpired over the last couple of months khamenei, including myself, by surprise. the extent of the increase in u.s. production and other places, at the price in which isy have cured shale oil pretty interested in maintaining and increasing production in that sort of low 50's range for the u.s. price. weuspect we are probably -- struggled to get past 60. thank you so much for joining us. he is of cmc markets, the chief market analyst there. david: let us look at the bloomberg, opec . syria, a blip. fairly big. have a look at my bloomberg right now. 4430 as far as production is concerned. this is the number i'm talking about and

oil bulls have reason to pause. turnaround today, but the big drop yesterday is a big story. let us bring in will kennedy, bloomberg editing manager for energy and commodities. what was it yesterday that caught traders by surprise? guest: morning, matt. the big story in the oil market at the moment is this very, very strong rebound in u.s. oil production and shale production. it caught opec by surprise and a lot of oil traders by surprise. the data yesterday shows u.s. oil production grew. it is back at 9.2 5 million barrels per day across the united states. by the summer, it will be back past the peak we saw in 2014, at the highest since 1973, and all -- the war on to shale would have been for nothing. anchor: what do they do? >> it is increasingly clear that this deal they forged at the end of last year to cut production for six months, they will extended for another six months. it has not done the work they wanted. stockpiles have not yet heard it to fall and the need to see that happen, no they will extend for s

take a look at oil although it is a risk off day.tinues to strengthen as it did this morning. that is cents a barrel, west texas intermediate. the u.s. 10 year down one basis point but under two point three. 2.29% is what you get for lending your money to the u.s. government for 10 years. that is better than what used to happen to pay the germans to take a money. does your money. great to see you. 12 8 billion pounds. news? >> it is. some of the analysts were thinking 1.3 billion. are need to show that they firing on all cylinders. the anr screen up. it is pretty incredible when you look at it, 45% of the analysts sell.cell them a -- a it is a analysts say buy. the street is not like this stock. guest: that was a great reaction after the deal was announced. worried abouttten it and the worry is that the recovery is a distraction from tesco's recovery. which you can see is coming through but it may not be as strong as some analysts were expecting. .anus: thank you 1.3 billionad pounds and not just as lori is as the redhead suggests. l

oil demand is still growing. for the next five years at least it will grow by 1 million barrels a day or more. it's a question of the pace of the growth is easing back a bit. that's for some long-term reasons mainly energy efficiency improvements. >> neil, thank you very much for that. have a great easter break. neil atkinson, head of the oil industry and markets division. >>> shares in sca have hit the top of the stoxx 600 in europe after the hygiene arm of the swedish consumer goods company receive a $22 billion takeover offer from a private equity consortium. sca announced plans last year to split into two companies, one focusing on hygiene products the other focusing on forestry. >> i knew you would impress me with your pronunciation. >> your european equity markets this morning, trading lower. you have poland just hanging on to some slight gains. most markets by in large are closed or partially closed for good friday as well. looking at the asian markets as well where we're closed. when it comes to the secto

we cared about the oil because it was wanted to percent european oil coming from the middle east.uropean oil coming from the middle east. if they were not aligned with united states, at least keep the soviet union out. >> tonight at 8:00 eastern on c-span's q1 day. -- q and a. >> tonight on afterwards, rhode island senator sheldon whitehouse examines how government is impacted by corporate money and special interest groups in his book "capture: the corporate infiltration of american democracy." he is interviewed by investigative reporter eric lipton. >> when you have one corporate fund group spending $700 million plus in the last election and threatening, planning to spend $400 million in the next election, the midterms, that is a huge footprint. there is a lot more going on behind it. the second piece of that has been kind of bringing home the long-term effort of the republican party to put so-called business friendly judges in the courts. so the courts have become increasingly hostile to regular folks and increasingly interested in protecting corporations. >> watch afterwards, t

oil itself is trading higher, crude oil up by 1.4%, highs of the day but still gaining. exxon mobil and chevron along the oil majors higher. there is some supply constraints again in libya. that is prompting this long rally that we have now seen in oil prices. also making headlines today, jeff good mock of the well-known -- the head of the capital company. he spoke in an interview it's of the reflation trade will consumer price inflation goes down in the next few months. this is a chart he referred to last week that we brought up, where he said he prefers non-u.s. stocks. in this -- this year we have in and out performance amongst them. we have the rural index here and what, the s&p 500 and yellow, then the msci eu index and purple. you can see that outpacing gains and emerging markets. that also outpacing gains. we have not seen a divergence of the markets outside of the u.s. and the u.s. stock market. we'll see if it sticks with that position and if this continues. oliver: good stuff, thank you julie hyman. members of congress are back home for recess. where does that

when the oil was what i too short on oil. we had a nice rally back to the top. now there is a lack of conviction. the imf is out there with news, they're upgrading the global demand. they put a demand forecast. there is nothing on the demand side that's a problem. it's people's concern about u.s. supply. think the rally of the u.s. supply coming back on as people expected is overdone right here. >> i sa you the gasoline earlier in the day. i'm surprised that some of the macro world events later in the day didn't cause buying. >> it's a buy disruption bid? >> yes. you have tillerson talking talk. you had, i don't know you had the story about the planes being moved in syria, to russian protected i guess air. i don't know, to me. >> maybe it is about u.s. production versus middle eastern supply chain upset. because those new stories have been around. we had syria for a while, iran for a while. you got libya. you got all these -- >> iran didn't, i don't know. >> i would have thought barely potentially. >> one more thing that we're going to find here and i think that

we are comfortable with oil prices. others manage much lower oil prices.are comfortable with where we see the oil prices. for our budget, we are expecting a minimum deficit. if oil prices remained in this range, we are close to our breakeven point. is making financial changes. it looks to bring its economy in line with conditions to a loan from the imf. -- poke with >> we are rebranding egypt, improving the business environment, making sure more investment comes from the u.s. and other countries. we are putting forward investment loans. mainly to remove the bureaucracy which investors have had concerns about. >> there has been concern about the rule of law for foreign investors coming in. what is the timetable for those reforms? >> we are moving very fast. we know it is time sensitive. they are discussing the beentment, it has finalized in the assembly. the other is in the pipeline. we're looking at the legal framework. it is not only the investment, it is others that are in the debt inclusion. three days ago we amended the that weatherow dress many concer

big reaction in the price of oil. syria not a -- >> that is the intraday chart for the dow, with that nightmarish moment last night when the news broke. you saw the fall, then the recovery. >> we saw a jump in oil prices, gold prices. no immediate supply threat to oil, but clearly any escalation of tensions in that region in the middle east, there is the intraday chart overnight. where you saw that big jump on reactions to the headlines sparking a rise in the price of oil. >> we should mention on oil, an rbc analyst says not an immediate supply risk but the strike will spark fears of a wider middle east military entanglement. so a jump of about 2%. on a back where oil has led the market higher. up 2% for the whole, and up again today. the best performing sector is energy, 1%. telecom markets are the worst. the dow pretty much flat coming in today. returning 0.00% for the week addreas a whole. asian trade rounding off a soft week. flattish at the moment. japan slightly higher. japan is down over 1 % for the week as a w

oil past $66 a barrel. syria is not a big oil producer but this means it could signal escalation in the region. that is why having investors nervous right now. we are seeing continued momentum gathering and the risk of sentiment. you can see it in u.s. treasury yields. they have studied for a while in this year. it broke the range as soon as we got reports of the syria attack. it fell as much as 228. this is a key level we had not seen bridged in some time since the november election of president trump. given the 10 year yields have seen that double, this technically could mean we would see yields falling as much as 175%. these moves could fade away. his attacks on syria do not have any direct impact on the market. bloomberg strategists are saying given all the geopolitical risks out there, we could see these market moves continuing. this is something we are keeping a close eye on. david: let's get you up to date. our top story, president trump has confirmed the u.s. missile strike in syria in retaliation f

meantime, oil prices gaining.y give up some of their earlier advance after president trump signed an order to expand offshore drilling. we will have more on that in just a moment. worse, let's look at earnings in the energy sector -- first, let's look at earnings in the energy sector. >> earnings are driving the energy sector higher, as we will be looking at with exxon and chevron. if you take a look at my terminal, you will see that energy is one of the few greens on the screen. that is a good relief there, besides from some overall broad losses. let's take a look at what is driving that, and that is chevron and exxon. this is exxon's best a this month. back 6 million shares in the first quarter, which is certainly sharding are shares higher. chevron is cutting their way to -- $6 million in shares in the first quarter, which is certainly moving their shares higher. chevron is cutting their way to the top as well. on the monthly chart, because we are at the end of the month, we can put this into perspective. oil i

access to a vast oil field off the coast of nigeria in 2011.ey were on probation for their involvement in a separate corruption case in nigeria. our business editor simonjack has this report. nine billion barrels of oil, the prize for the company who could secure the rights to a lucrative field, called opl245. but doing deals in nigeria is one of the toughest challenges in the oil business. the building behind me is shell's uk headquarters. it's the most valuable company on the london stock exchange. if you have a pension, you almost certainly own some shares in shell. they've been operating in nigeria for nearly 60 years, so they have the size and the expertise to meet that challenge. in the way was this man, who acquired the field while he was oil minister. for the first time tonight, shell acknowledges they did engage with him to do the deal. shell and the italian oil company acquired the field in 2011, paying $1.3 billion to the nigerian government. that's more than nigeria's health budget, but it didn't go on public services. instead, more

the country with the biggest oil reserves in the world is in economic meltdown.uelans queue for hours for bread. the sick can't get the medicines they need. violent crime is thriving in the chaos. caracas is now the world's most dangerous capital. hugo chavez's socialist revolution has lost its charismatic leader, but not yet its grip on power. opposition to chavez's successor, nicolas maduro, is mobilising. the national assembly is at war with the government. venezuela is on the brink of a terrifying descent into darkness. can anyone pull it back from the brink? foreign journalists are rarely welcome in venezuela, so we charter a small plane to the country's caribbean island of margarita, where overseas visitors can still slip in with little fuss. this used to be a buzzing, prospering tourist town. now, the flow of people, money and jobs has dried up. many local businesses have closed down. more are likely to follow. the beaches have not lost their allure, but venezuela has. a broken economy, inflation spiralling beyond i,000%, and violent crime have tainted eve

aboutarrels of oil are two thirds gasoline and one third heating oil.e is a number to really watch now. we have talked about product inventories and crack spreads. opec, for instance, with its plan to keep production from getting out of hand? with crude inventories? i think what we see is rising global demand. especially during parts of 2015 and 16, the fact that china was in a manufacturing recession. since june of 2016, it has improved and china is the biggest additional marginal consumer of oil. seen the manufacturing the expansion of of the slightest celebration. marginally driving oil demand growth, and early next year you are likely to see inventory come more into balance, presenting more inside the oil prices. oliver: it seems more complex than the headline numbers and leads me to play the actionable trade here. it may not be on the commodities or energy stock sector, but what is the best way to get exposure to the sort of her version that can happen here? jason: they might be able to lock in some wide margins this countries thatr are vertically