— what does this tell us about what opec is thinking? it shows they are not ha - opec is thinking?ows they are not happy with _ opec is thinking? it shows they are not happy with the _ opec is thinking? it shows they are not happy with the price _ opec is thinking? it shows they are not happy with the price of - opec is thinking? it shows they are not happy with the price of oil - opec is thinking? it shows they are not happy with the price of oil at i not happy with the price of oil at the moment. they would like the price of oil to be higher than it is. the prices are between 70 and $80 per barrel. we believe they would certainly i get above 80, maybe even above 90. iii would certainly i get above 80, maybe even above 90.- would certainly i get above 80, maybe even above 90. if you look around the _ maybe even above 90. if you look around the world _ maybe even above 90. if you look around the world where _ maybe even above 90. if you look around the world where the - maybe even above 90. if you look l around the world where the demand and consumption is growing, there is and con

with what we have seen from opec plus members, julianna. remember in october where this was seen as a political move by the west the saudis say this is in line with the expectations. this is how we see the world and demand one thing that is important to remember is this is a move taking place in the middle of r ramadan. it is 1.16 million barrels a day. that is 3.7% of global demand. this is happening in the middle of ramadan this speaks to me that the saudis and others in opec plus believe this is just reflecting of the state of the global when. they want to put a floor under the prices going forward, you will continue to see an active opec plus group with monitoring global mashrket. that is pressing given the white house has failed so far to refill the spr remember, several months ago with the energy secretary in the united states said when oil hit $67 to $72 is when they decide to refill the spr. they will have continued questions about the path of the administration when it comes to energy and energy security particularly in the united

opec will do and almost unanimously they thought opec would stand.ad promised to maintain their output goals so the cut by almost all of the countries involved came as a huge surprise. many see it as a return of a tactic used by the saudi energy minister in 2020 when he famously said he wants the guys on the trading floors to be as jumpy as possible and vowed, "whoever gambles on this market will be ouching like hell." the anticipated move is an attack on the short seller and being viewed as very successful. when you have a market that is short, you can see huge spikes higher which is what we've seen in the last 24 hours. there's big concern particularly by the biden administration that this boosting and oil price will affect gas prices and directly ties into inflation which is something the fed is trying to beat here again. many were blindsided by the move by opec-plus and were told by those close to the matter who say it was a last-minute decision and it was intended to be a blindsided move. paul: well, mission accomplished. economists are divided

ann: opec one slows -- opec wants low places -- prices.e do have the ability to drill and produce our own oil so we can turn that spigots back on and i think the oil producers here don't want to do it. they won't do it if they cannot make a profit on it and they want to see oil above $70 to be able to do that. we will see this pressure on oil to stay a little bit higher but i think we can keep or below $100. -- keep it below $100. guy: what is this mean in terms of what i want to own in be oil market? how do i rethink my strategy? ann: you have to be selective and within energy, this might be a short-term trade. if you're going to go into energy, you want to be selective on this -- the stocks you go into, sean balance sheets and pre-cash flow and discipline management teams, whether in energy or any other sector. that is what our teams are looking at in the later part of the cycle. even if we go into recession, there will be pieces in the equity markets that can outperform but investors will be looking for secular stories, not cyclical sto

almost 7% this morning this follows the cut from opec's members. more on that story in a minute >>> we are watching cryptocurrency bitcoin above $28,000. up 1%. ethereum up 1.5% continue to watch the crypto cardano up 6% in the early trade. crypto trades around the clock. >>> let's get to the top stories. oil surging after opec plus announced new cuts one that could give a jolt to the economy struggling to keep prices under control we have hadley gamble from abu dhabi with more. hadley, good morning >> reporter: good morning, frank. what we are seeing here is opec plus countries making a decision to slash outareput by 1.6 millin barrels a day. that means less than 4% of global demand. this is a decision that can't come as too big of a surprise to us watching the oil market and based in the middle east saudi arabia is going to be leading the cuts with 500,000 barrels per day taking it off the market that is twice as much as the nearest opec member to cut i iraq, uae and algeria participating in this and oman as you see in the graphic. you see what i

dollar given what opec+ has done.ts are expected to start next month, and we are seeing expectations from japan as a large importer being felt in the currencies base. aussie gaining ground in the region. commodity-related currencies were reacting to the fact that we got that survey as well as business sentiment in japan for large manufacturers following to a two year low of 1. the expectation was for around 3, 4. the outlook not looking great. nikkei gaining .5 of 1% at the open. we have seen the strong lead-in from wall street last week, s&p 500 seeing its best week since november. we are seeing also japanese bonds at the moment holding steady, but of course we are watching what is happening with the repurchase announcement by the boj when it comes to jail gb -- jogb. the korean won has seen support given risk appetite returned. nursing more calm after the banking turmoil. pressure on the korean won as a u.s. dollar continues to gain ground. the kospi and caused act -- kosdaq are gaining ground. exports in february f

just 7% after we saw opec-plus' surprise output cut. heading into a historically strong month for global stocks. i will be very keen to see how the calculus of risk changes with the opec move. shery: let's discuss what the surprise moved by opec-plus was. let's bring in su keenan. markets, analyst, traders, even the white house was caught off guard. su: opec-plus pledge repeatedly to hold output steady and as recently as friday to look at dedicated privately there would be no change. so, the announcement sunday, it is unprecedented that it comes before tomorrow's monitoring committee meeting. that really knocked a lot of people back on their feet. it is a one million barrel per day production cut to take effect in may. the saudi's lead the cartel with their own 500 euro per day -- 500,000 arrow per day supply reduction. but members are contributing. look at the price charts. as you said, wti closed above the $75.5 mark since friday. it had been on an upswing. but as soon as asian trading it shot up some 8%. that's an indication of the s

opec doesn't do anything about chance opec was supposed to meet today. today was thr ministerial committee. i thought i would monitor it for cnbc nothing will happen. the meeting was today. they did this before the meeting, which is spectacularly unusual. the financial times, and maybe some of my own reporting, indicates that there was an aggravation with the white house by opec because, because the saudis in particular may have either thought or perhaps been given some soft assurances that we would refill our strategic petroleum reserve, perhaps, by buying more saudi oil. last week jennifer granholm, sara, who you've interviewed several times, at a hearing said it may take years to fill that spr back up. it's likely the saudis believed one thing from one part of the government, and then heard that and just got ticked off. that's the -- they use the word irritating, that's their reporting, not mine, or do they just see global weakness the china, the economy is like big foot, right? we keep talking about it but we never see it that could also be a part of

opec reminding us of its pricing power and we have an oil cut sending prices sharply higher and we look at the impact on the energy trade and how much higher prices can go from here and what it does to the fed spike against inflation. plus, what about the impact on technology the sector's been on an absolute tear, but if the fed needs to keep raising rates to bring down inflation, could that rally be coming to an end for tech stocks you look at how to position in that trade right now, and a sudden jump in the home prices after several months of declines this as inventory keeps shrinking and buyers keep buying up despite higher mortgage rates and what will break the cycle first? we'll look at the current gridlock in housing and what you need to know if you're thinking about buying or selling right now. we will begin with today's markets right now largely mixed and there are certain outperformance as you will see right now in the dow industrials because it is more weighted to things as opposed to the s&p 500. the dow is up 215 points and the s&p 500, still above 4,000 4105, but it's down

this on the opec-plus production cuts.rt than what we were going to be talking about. we are looking at luxury verges. nasdaq 100 is interesting. luxury is outperforming recently. tech, which is an interesting idea because some folks may be expecting slowing of the economy, that would happen if energy is to fall lower. as for our final board, if we flip up the board, we are going to see that as we have donald trump surrendering soon in terms of his indictment, not too much of a fight or safety. maybe a little bit of one here. 10 year yield coming in five basis points, having more to do with the ism number. a little bit for the yen gold at session highs up 1%. the dollar falls. guy: keep an eye on the buck. thank you very much. warmer president trump -- former president trump planning to pleaded not guilty tomorrow when he appears in a manhattan court. let's set the scene. kriti koopa is outside the das office outside of lower manhattan. what is going on? kriti: a lot of anticipation what is going to happen the next 48 hour

a busy day ahead after the surprise cut by opec. there is a lot of narrative out there on how that changes the dynamic not only for world growth but what the fed does. for the moment, european stock teachers pretty much unchanged. next futures unchanged. the ftse 100 we will talk about the u.k. because of the concerns of the link to strikes over there in the u.k.. the ftse always first went to open and practically unchanged. the big news will happen in the commodities space. brent crude up 5% at 84.03. if you look at wti's gaining 8%. there are a couple of banks out with different calls for with the world economy will look like in the next couple of months. the spanish ibex down a few tenths of a percent. the cac 40 gaining .2%. since last night, they are adjusting for the risk of inflationary pressure that may be more assistant. let's look at treasuries. repricing could happen stateside. there has also been a bit of yen weakness. that is amid concerns over the dependence on oil imports in the confidence that the nation's largest ma

and that's because that's the production that we are losing from the opec plus cuts. but broadly, the cuts will resonate globally across all demand centers. it will lead to higher prices everywhere. yeah, and speaking of higher prices, how much of a problem is this move in the fight against inflation? well, we expect the cuts to tighten the markets and that should lead to higher prices as we've discussed. and now the thing is, if you think that the economy will hold up by and large and it will lead to more sticky inflation. of course, the contrary is true if we go into their de procession. then ducats will essentially negate the downside to prices and it will not impact inflation. libya there are analysts saying that the oil producers just won't accept the price that's below $80.00 a barrel. is that really the threshold here briefly, if you could? well, opec don't have a specific threshold, but definitely the prices that we seen over the pastor 23 weeks in particular. we're not prices that opec, we're comfortable with libya guarantee of energy aspects. livia, thank yo

then that's why am opec has reacted the way it has. now the thing is that the market is already starting to draw. and i mean, i would say fundamentals are ok. they're not bullish, but they are okay. and so the thing is, if the western economy doesn't know that in the 2nd half this year, the cuts will prove the right move. if the economy looks ok, then the market risk over tightening. and, and, but the thing is that we don't think actually will pick will follow through with all the cuts if the market starts over tightening. livia, very see the biggest impact of these cuts are having well, if you're thinking about it in terms of markets and grades, it's going to be your due by linked markets that will have the biggest, the upside in terms of crisis. and that's because that's the production that we are losing from the opec plus cuts. but broadly, the cuts will resonate globally across all demand centers. it will lead to higher prices everywhere. here and speaking of higher prices, how much of a problem is does move in the fight against in

paul: what do you make of the surprise move from opec-plus?ard from present fight and say it will not be as bad as you think. without have an impact on inflation? >> has to. the fed is trying to news interest rates as a tool, we believe the fed will have to raise rates again in may. it was uncertain whether we would get a pause in june. the production will be a real issue for the fed. if you get a strong jobs report on friday, it makes it more difficult for the fed to wrangle inflation and bring it down to the levels they are looking for. shery: trading sideways in the u.s. has seen a rally is narrowly focused with a lot of investors being forced, where are we headed? >> the opportunity still exists. one should look at staples. you look at companies with high dividends. free cash flow and some control over operating margins. staples is one i would take a look at. auto automation the fact we will see some increased spending from defense is another reason one should look as into -- at industrials. it's the underdog for the last six months. utili

and that is that opec wants to keep oil market speculators on their toes. and so part of this car was probably also intended to, to kind of send a shot across the bow to, to short sellers. so really, the short answer here is that it was probably a combination of, of trying to support process some concerns over demand and the global economy. and then also making sure that speculators as, as a b s put it quite finally would be out like hell. and then as the argument the that some is saying that saudi is i like to study and full of $80.00 a barrel below, which it will never go now. yes. so, i mean, i think when you look at most of the old price forecasts for this year, they have been kind of ranging between $80.00 and $100.00. and the thinking there is that, you know, as you say, you know, opec is trying to defend $80.00 per barrel. and then on the other sort of, and i guess you have the united states and china trying to, to put a ceiling in other on $100.00 per barrel. last year we saw the united states uses s p r strategic william results reserved quite exte

all alliance opec i'm its allies, including russia, known as opec plus account for about 40 percent of global crude output. it's a pretty big deal. i mean, you know, they were picked plus, had been signaling previously and that's kind of the steady as she goes. output strategy, but if you take a look at their market behavior in recent years and months, i mean, not so surprising, right? so oil had been showing weakness, it have been under $80.00 a barrel persistently, which is seems to be an informal floor now for, for the saudis. at least you see oil at or under that level, you have to figure that the, the saudis, or at least thinking about taking action prizes have been volatile in the past year . on april, the 3rd brand crew traded close to $85.00 a barrel just weeks before it did to a 15 month low of $70.00 a barrel. and in early march 2022, after russia invaded ukraine, crude rocketed to more than $130.00 a barrel. unless one, the cuts will push our prices and make it more difficult to reduce the cost of living. anybody that's producing oil is going to benefit from this show oil pr

opec with a bit of a surprise. lisa: a sudden surprise move out of their meeting today talking about possibly cutting production by one million barrels or more. in response to a lack of demand, clearly they have a price point that is very different from joe biden's. tom: 69 on west texas intermediate. edward morris of citigroup says there can be a price overshoot right now. lisa: here's the question --how much does this reduce the narrative we heard about disinflation driven in part by the commodities sector in the face of slower growth? how much can they unilaterally change that narrative at a time when this administration is basically said in the u.s. we can no longer refill our spr in response to prices that are probably potentially going to overshoot to the upside? tom: he was previously booked and now he has something to really talk about. over the weekend, your bond observation? lisa: there still is a big divide between the bulls and the bears. the opec-plus narrative changed the game just a touch and you are

he'll be looking at the impact of opec's surprise caught in oil production. don't get all the latest news any time you want on our website, d, w dot com. i'm terry martin. thanks. mm . sometimes to be shown right. you tv highlights for shooting books and free week, not to not will you become a criminal m, pre claim, a all ready news with hackers, paralyzed me to your societies. computers that are some are you and governments that go crazy for your data. we explain how these technologies work, how they can go in for a degree, but it's how they can also go terribly. watch it now on you to a, a precautionary step letting oil prices search the world's top kirkwood reserves announced a massive caught, and output will look at the impact of the move on out of your markets and beyond. also coming up 50 is ago today, the 1st call from a mo bile phone was made to take a look at how a clunky toy from nerds became our most important device. and chris coldwell, welcome to the program. more than 1000000 barrels a day. that's how much major oil producers are cutting their d

this is opec not hitting the panic button, but the deep precautionary move to avoid 2008. good morning and good to be back. dani: here we are stressed out from banking, neely stressed out from this opec-plus cut, and you are supporting a lovely tan. there is a disconnect here but it is all about the oil market. goldman says oil will go to one hunter $20 a barrel in 2024. manus: prince bin salman wants to get a shock and squeeze those shorts, this is what helima says, partners will further macro selloffs. this is about retaking control of the oil market, which you so often referred to as being disconnected and broken. dani: oil surging 5%, let me take you to the charts. the new threat is inflation, does this threaten the year of the bond? we had the best back-to-back quarterly gains for the bond market in some time, is that all undone by this exact story? manus: they look at the core. this will be a shock. whatever look at equities. am i richer or poorer, how me more years at my working? dani: you are certainly richer, we had a good market for equities but it is a different

the opec decision to cut output was unexpected.exclusively to bloomberg. >> i do think that the reaction to the banking problems were swift and was appropriate, and both here in the u.s. and overseas. so, i think the idea that there are mayor prudential -- macro prudential tools you can use in that situation to calm things down, that seems to work so far. you never know if there are further things happening, but if there are, we can react with macro prudential tools again. on the monetary policy side, we can still proceed to fight inflation and get inflation down in 2023 and 2024 back to target. i think this idea that you can walk and chew gum at the same time, you've got the macro prudential tools for financial stress and you've got monetary policy to fight inflation. we can do both. as long as a financial stress does not morph into something much larger. so far, so good. knock on wood, you're never sure what is around the corner. >> does the idea of $100 oil complicate your job? >> of course, oil price is always important. i woul

we have growth in ill lot of non-opec countries. it could surprise us and add 1,000,000.5 barrels a day if things go in the -- a million and five barrels a day. in the non--- in the opec production capacity, we have more in that we have before and we will see what the countries do if they have to fight a drop in prices. on the demand side, recessionary risk looms large. people like perry summers say the recession is going to be worse than people are capping and they have good reason to think it might be worse. the demand may not evolve to the degree we think. we think it will be around 1.4 million barrels a day. it can be lower, and which case the opec plus has not cut enough. jon: i know we don't -- you don't cover the stocks or companies, the center of energy consolidation, but given the -- doing deals as existing players or no deal's it all, without surprise you? ed: we had that last year. it was low. if there were ever an opportunity, we had prices going up, independent companies were drilling and adding to the reserves of large

yields were lifted by opec plus.r yield below 4% right now and there you have it. 30 year yield at 3.6317. yvonne: taking a look at what is ahead in the u.s. which is of course donald trump there in this historic arraignment that will be happening in new york. he is back in the city, adding a third lawyer to his legal team. the city mayor has won protesters that authorities are ready for any disturbances -- warned protesters that authorities are ready for any disturbances. the judge has said no up broadcasting of the arraignment, still photos only. bloomberg sent this report outside trump tower. >> all of new york city is bracing for a historic moment. former president donald trump expected to be arraigned in a downtown courtroom and at that time, we will find out exactly what the charges are against him. they are expected to be related to a hush money payment that michael cohen, his longtime attorney and fixer made it to porn star stormy daniels. that will help us determine the gravity of the potential charges at is

because we broke the back of opec.ad become a toothless tiger and here we have this story that opec is going to reduce where there's a little over 1 million- barrels a day cut in production. guess what? if we just got back from the trump levels we be producing 2 million more barrels a day so twice as many barrels as they are cutting. we be looking at 250 to $3 a gallon gasoline not four and potentially $5 a gallon so this is an unforced error, self- inflicted by the biden administration because of this war on american oil & gas and by the way it's not just an economic issue and a financial issue, but it's a national security issue, because now those dollars are flowing into the coffers of enemies of the united states like russia. stuart: some economists are warning about china's currency muscling in especially into the world oil market. why should i care if the dollar as the global currency is in decline? why should i care? >> well, first of all, inflation is a kind of devaluation of your currency. that's kind of by de

the saudis and other opec nations announcing oil cuts. could get to a total cut of 1.6 million barrels per day by the middle to the end of the summer. that would be about 3.5% of global demand. in a very brief statement the saudis said they are looking to, quote, stabilize but whatever they feel, they're clearly not happy with prices. prices have hit lower, hitting $70, 15-month lows would this full million barrels or more be taken off the physical market? we don't know. when opec announces a cut and use things like a million barrels or whatever, it's many that many. everything i've read puts the total physical barrel removal, lack of oil supply, probably within 700,000 and 900,000 barrels per day totally physically being taken off the market, kind of a reversal of what the saudis themselves even said just a couple of weeks ago. i got to tell you, i can tell you somebody at 1600 pennsylvania avenue, president biden clearly cannot be happy about this do you remember in october when the group did a 2 million barrel a day cut, he said there

phil, to you to first on the surprise news out of opec of opec+. it's going to go are from may to the end of the year, the production cut, and this really took the markets by surprise. >> it did. and i call it the redemption of the cartel, cheryl, because opec is sending the message to the biden administration and to the united states that there's a new sheriff in town. you know, that thought of u.s. energy production leading the world in acting as a deterrent to opec, those days are over, and this is a real slap in the face to the biden administration and to the united states consumer, you know? the biden administration welcomed this production cut with their energy policies, and now we're going to pay for those policies at pump this summer. cheryl: dan get ruled the, you look a lot at the concern get trialed the, you've got chevron up, that's a big performer, one of the energy companies that you like. so at this point you're saying let's take another look at these names and these stocks on that side of it. >> absolutely. and, look, when you're de

the opec+ production cut sent oil prices soaring.ndia will announce its decision on the cost of boring thursday. let's get into how it will affect india and bring in our oil trading reporter. it was seen the obvious impact would be on the rupee. >> hello? rishaad: the impact of this oil production cut, the obvious place where it be felt would be the currency. >> this government will extend christians it imposed -- restrictions imposed last year. the restrictions will have an impact in terms of the u.s. dollar. haslinda: we know that india has been buying cheap oil from russia, 1.6 million barrels in march. how much of that is providing a buffer for india given higher oil prices we're seeing right now? >> the restrictions are meant to ensure. they -- the government wants to ensure it does not, the cost of local consumers. that is why they removed the restrictions. it will have an impact on the overseas market. haslinda: our asia oil trading reporter there. india has removed concessions for tax, stirring concerned that the measure coul

opec will serve their needs first.eeing this as saudi arabia's leaning closer to china and asia. remember u.s. imports of saudi crude have been on the decline since 2003 with the shale revolution. where we see china and other asian nation buyers become increasingly larger and larger. the west want to, says they're getting rid of oil entirely or they want to. so it makes sense the saudis and other opec nations are gravitating towards asia where oil demand is growing. charles: right. but also -- >> if we take a look -- charles: go ahead, tracy, i was going to say real quick, a last week a major topic was the dollar. how much longer will the dollar dominate? one of the issues the dollar's domination revolves around the role how we trade crude oil around the world. that is one of the things that makes the dollar preeminent. now we see deals they start to do deals with relminute by, yuan, i know that we're a long way aways but should there be yellow other red flags about these developments? >> definitely something to pause

julie: on sunday opec-plus did a surprise cut. we had heard they were going to keep output the same but they cut by one million barrels a day or so they say they are going to. markets were taken by surprise because one million barrels a day is going to impact crude markets. analysts are analyzing will this only impact second half of the year there was really going to be this the supply crunch because china demand was going to be back or will we see that sooner in the summer driving session when we were expecting much of a demand or supply crunch but now there might be because summer driving season is peak demand for the u.s. kriti: it is putting a hedge for the's to build the spr. -- the biden's administration to rebuild the spr. julia: the more important question is, if oil will stay at $100 a barrel. if it stays, that could lead to demand destruction or that prices are so high consumers are going to spend it. goldman sachs is one of the only banks if not the only bank that has changed the price forecast on the opec-plus news. a

in the opec is starting to really show where opec cares about the oil price to the downside and manages that. it makes commodity related assets and energy related assets more investable. cheer question, normally elect to go to equities to reduce the volatility of commodity prices. they are trading on the longer data oil price, which is less volatile, but we are overate commodities in the real physical space and reducing that i has a valuable function and portfolio, especially as you earlier said, that a huge amount of the inflation release of ppi and cpi comes from the energy side. if it reacts seller's because of a strong consumer, that is a key risk for your portfolio. we do also like the energy equity right now and we do think broadly energy exposures attractive. >> further gains around energy and what's happening with opec-plus. the last question is how do you allocate in a defensive way within this environment? >> it's a real challenge because all these areas get discounted and they don't tend to perform until you have the growth behind you. we are not the area. possibly accelerati

president, on opec, do you have any reaction to the oil production cuts, sir? ?opec? >> on opec?rnible ] maria: it's not going to be as bad as you think says joe biden. joining me is portfolio wealth advisors president and chief investment officer, lee munson. great to see you. what do you think about the big move in oil yesterday? oil stocks also. are we on year three of the rally in oil stocks? >> i think we're going to be in year three. when you look at the cut in production as you're going to see going forward, there's not going to be much in terms of capital expenditures. this is going to make the fed -- some tough decisions are going to be have to be made. you'll see oil close to a hundred bucks a barrel later this year. that reinforces my position that what's with this tech rally, we got a 4 4 40% outperformance in terms of valuation. i would be selling they that. look at what worked last year, industrials, oil, materials, inflation is still around. it will take into next year to make inflation come down. if you're looking at a an entry point, we had a selloff this year. f

carleton: opec put a floor on oil prices complicating the fed's job.rred inflation measure tends to exclude energy, doesn't mean they don't pay attention to energy prices because energy prices are an input for goods and services we all pay for. the fed has to navigate a lot of tricky things. employment data, inflation, impact on the banking crisis. jack otter: not easy shoes to be in. carleton referenced the feed in prices, what industries are hurt the most? jack hough: airlines. from an investor standpoint, you don't need higher fuel prices for airline stocks to stink. they stink for different reasons or no reason. history has shown that. next thing is consumer stocks. energy intensity of the typical american family has fallen over decades. more people staying at home. some say higher gasoline prices will be fun but they won't hurt as bad as they once did. look at profits for refiners, they could get crimped in the near-term. long-term they recover and to refine crude oil we made tremendous amount of heat that comes from natural gas which is cheaper i

opec announced production cuts this week. means at the price at the pump, that is next i got into debt in college, and no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with low low fixed rates, and borrow up to $100k. sofi get your money right. at adp, we use data-driven insights to design solutions to help you manage payroll, benefits, and hr today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ ♪ ♪ do the work, before the work. bodyarmor lyte. more than a sports drink. if lawn care were easy, everyone would do it... as well as trugreen does it. trugreen's online tools help ensure your custom treatment works to deliver a greener, healthier lawn - guaranteed. it's time to trust your experts at trugreen. go online today! - i'm fernando, i live outside of boston. i've been with consumer cellular for five years. consumer cellular gives you all the same features that these big companies give you. what you get

saudi arabia and opec + stick it to the white house with a surprise cut in oil production. gas prices surging higher, right before the summer driving season we've got edward lawrence live at the white house with more. edward? reporter: yeah, the white house stunned by the actual size of the production cut, from opec + and they were notified that cuts were coming. they just didn't know how large and in fact gas prices or oil prices today were responding to that opec + cutoff more than 1.1 million-barrels a day, be the production cut. that on top of the russians previously announcing half a million barrels a day cut from the production. now, experts say this puts pressure on gas prices. you see where they are today. the american petroleum institute tells me that the president did this to himself through his current policies. >> i think what we've seen from the administration unfortunately is mixed signals. they talk about the need for more supply but they take steps to take energy production off the table. for example, the pause of leasing for oil & gas development on federal

opec announced production cuts this week.hat it means at the price at the pump, that is next (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when our clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. the virus that causes shingles is sleeping... in 99% of people over 50. and it could strike at any time. think you're not at risk? wake up. because shingles could wake up in you. if you're over 50, talk to your doctor or pharmacist about shingles prevention. ♪ ♪ do the work,

opec plus further cuts production, meeting today monitoring committee of the alliance what forecaststhstand the flow of ukrainian food? what is the reason? liquid armor, what is its uniqueness? tours in the capital named after chekhov these days are played by artists of the alexandria theater. what performances did they bring? and let's start with an investigation into the explosions of a cafe in st. petersburg . maxim fomin, a military commander, died, better known as vladlen tatarsky, according to information agencies, a resident of the northern capital daria, suspected of committing a crime, demanded that she already fell into the field view of law enforcement for participation in

there is a clear message, opec does want the higher oil price.k it will get there later in the year. i think this was a reminder that energy is now a geopolitical issue and we cannot bank on these continued inflation. we have the year on year slow down. there is a risk and i think markets will start to think about this. energy for the -- further out will be a factor again. francine: do think that opec-plus is now defending a range? does it make forecasting easier? christian: you could say that. i'm not an oil expert but it does look like if there is a certain range, it will be preferred. there is a clear sign that that is what they're aiming for. they cut production and this is a clear indication that they are aiming for a certain bank. they are certainly higher than what prices were last week. francine: thank you so much for all of your insight. christian keller from barclays. softer yields suggests the economy is headed for a downturn we will bring you jobs data. this is bloomberg. ♪ francine: let's get straight to bloomberg first word news. >>

opec announced production cuts this week.ns at the price at the pump, that is next liberty mutual customizes your car insurance so you only pay for what you need. with the money we saved, we tried electric unicycles. i think i've got it! doggy-paddle! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ whenever heartburn strikes, get fast relief with tums. its time to love food back. ♪tum, tum tum tum, tums♪ ♪ the all-new chevy colorado is made for more. bring more. ♪ do more. ♪ see more. ♪ and be more. ♪ the all-new chevy colorado. made for more. ♪ a ballet studio, an architecture firm... and homemade barbeque sauce. they're called 'small businesses.' but to the people who build them there's nothing 'small' about them. that's why at t-mobile for business... you'll save more than $1,000 versus verizon. and with price lock guarantee, we'll never raise your rate plan. so you can keep your focus on toe-turns and making sure the sauce is extra spicy. at t-mobile, there are no small businesses. ♪ i screwed up. at

so, so it came in the kind of a reminder that opec is present. opec is active and opec is willing to step in with market management. now, it doesn't mean that these cuts are going to remain for the time being. they decided that they're going to start in may and to remain until the end of 2023. it doesn't mean that they won't be revised at some point, it'll depend on the market conditions. but the market at this point required a reset, especially after the banking crisis, which saw a lot of negative sentiment in the market. all right, so it sounds like you're saying that they didn't actually intend to push prices up . they wanted to stop the falling old prices, which were if you look for brent was down, it was trading at $80.00 a barrel at the end of last week compared with $95.00 a barrel in early october. as a clue, there was, there was a move going down, but has the price sanction in the last 24 hour shows, whatever the intention was, it is pushing prices up. now, does that mean they're losing control? no, it doesn't mean that they're losing control. then you very well when they to

opec cutting output by a million barrels a day. energy stocks rallying be you the market greeted this news with a yawn we'll break down this mostly muted reaction plus, tapping the brakes on tesla. the stock dropping on margins. do investors need to prep for more selling ahead and later, mickey d's hitting new highs after corporate losses i'm melissa lee, this is "fast money. and we start off with the sharp spike in oil prices. wti crude trading above the $82 market its best level since late january. benchmark above 85 bucks the move coming after a surprise announcement from opec plus on sunday that the oil cartel could cut output -- would by more than a million barrels a day. energy stocks rallying on the news shares of marathon and apa leading the way. but what does all this mean for inflation, the fed doesn't seem to be worrying the dow up a percent the s&p up, as well. the nasdaq, meantime, finished the day in the red, but ended well off the lows of the session. so, why were markets able to shrug off this inflationary news, tim

opec plus, which includes saudi arabia and russia, is slashing production. by more than a million barrels per day until the end of the year. saudi officials say the cut is to stabilize the market. gas prices have already been rising at the pump up 13 cents in the last month. the white house is pushing back on the opec cuts, saying, we don't think cuts are advisable at this moment. given market uncertainty. oil prices fell last month during the chaos in the banking industry, but now after the cuts by opec analysts say we could see $100 a barrel by next year. today the idaho moth goes on trial. lori val oh was allegedly part of a doomsday religious cult and believed some members of her family had quote dark spirits. this morning in idaho. jury selection begins in the trial that will determine if lori valued abel killed her two children, seven year old jj in 17 year old tiley. a separate trial will also be held for her husband, chad gable, also accused in their murders. they're also both charged in the death of day bells, late wife what we can expect to see, at

what we've heard from opec so, i mean, it's a little bit of a dangerous game to get short oil. i think that's why opec has come out with this very aggressive move to take 1.6 million barrels a day, which by historical standards is a very large cut on top of the cut they employmented last year so, i do think -- i do think that they'll be successful as supporting prices. of course, unless we have a complete meltdown in the u.s. or in the european economy, which is not our baseline. you know, we're looking for relatively soft slowdown or, you know, technical recession in the case of the u.s. we're not looking for complete meltdown in economic activity. i think opec needs to bring inventories down that's what they're trying to do come to the end of the year. price exceeded that and if we get the china rebound we are expecting, you get above $90 a barrel into the second half of the year again, we have more strategic capacity and that tempers the upside by virtue of what opec is doing. we won't see 130, 150, which people feared only a few months ago. >> still, pretty bullish case lai