phil flynn, what a rally for the price of oil! >> oh, it is.are going yippee, thank goodness because they have been under a lot of pressure here for the last couple of days. i already heard from producers all over america saying donald trump, quit tweeting about oil. demand is good and you're killing the price, we will have to cut back. with the stock market bouncing back. confidence is coming back into the oil sector. i hope it is not too hate for some of these producers. i think already they made decisions to cut back on some production and spending after that big drop. so it might be too late to impact production next year. it might be too late to save it but at least if these prices stablize it will be better for everybody. lauren: let me give final thoughtses to you, colin. final thoughts. we only have a few second. >> today was the day we were most worried about. it was a wonderful rally. let's end the year off. here is to a good 2019. lauren: thank you for your insight, riding out the wild session with us. [closing bell rings] mostly a w

lauren: prices are up this morning, phil flynn, thank you.ria bartiromo who is in washington, d.c. good morning. maria: thanks for joining us it is friday december 7th, top stories right now 6:00 a.m. on the button east coast, stocks under pressure this morning, take a look at futures indicating decline at the start of trading despite the fact that markets cloaked off of the lows yesterday, it was a wild one on wall street yesterday, plunged earlier in the session in the arrest of huawei ceo and china relationship and report from wall street journal on federal reserve taking a wait and see approach on raising interest rates lifted stocks from the lows, the market actually ended lower but well off of the lows to have session. at the end of the day it was mixed, take a look at the numbers, dow jones industrial average almost down 80 points, third of a percent. s&p was also negative by 4

phil flynn live at the cme. phil? >> i'll tell you, blake, it was another day where the oil market actually turned higher in optimism about what is going on with the stock market. as soon as the stock market stops getting pounded, all of sudden oil looks like a much better buy. we saw a lot of energy stocks come back as well. i don't want to say all the risk aversion is gone today. if you look, for example, the bond yields, going back down to session lows right now. the gold prices were lower a little bit earlier are back up. there is still a little concern going not weekend what may happen that will impact oil next week. next week there will be a lot of things happening with oil we have to really keep an eye on. we'll watch of course, word out of opec. next week of course, is the week, new year's day, is when the opec production cuts will go into play. we'll watch the oil flows out of those opec countries to see how well they will be complying with those cuts. the other thing of course, you will have going into the n

phil flynn watching action in oil. edward lawrence, don't worry we'll get to you in washington, d.c. start with gerri. tell me what is going on. there how is everybody feeling today? >> everybody is feeling great. i can't remember a day where we start higher and ended higher. that is happened with 268 points on the dow. the dow for the month down 10%. the dow had the worst december since 1931. that is 87 years. very difficult time. dow this year, bad performance for entire year. largest one year point and percentage decline since year-end 2018. we were down 1566 points for the dow. that is 6.%. that is the biggest drop since the financial crash. the dow down 6.7% for the year. s&p 500 down 7%. nasdaq down 4.%. hope springs eternal though. traders called it a day we would end higher. that is exactly what we did. good news for the last trading day of the year. kristina: gerri, good news. thank you for your work there. jonathan hoenig capitalist pig hedge fund. todd horowitz i feel like he is fox contribute to, he is on j

phil flynn there. >> thank you. blake: congress returning to washington as the government remains partially shut down. we're coming up live on capitol hill as lawmakers try to end this budget battle. susan: keeping your data safe. consumers remain concerned over privacy. one tech company is leading the pack for most untrustworthy. can you take any guess? blake: russia, have you seen what they unveiled? a weapon they say travels 27 times faster than the speed of sound. what else russia is saying later in the show. ♪ ♪ ♪ ♪ ♪ ♪ the greatest wish of all is one that brings us together. the final days of wish list are here. sign and drive off in a new lincoln with zero down, zero due at signing, and a complimentary first month's payment. only at your lincoln dealer. susan: look at a comeback on wall street once again. volatility is here. the dow swinging more than 850 points from today's low to high, closing up more than 250 points as lawmakers gaveled back in washington, d.c. there is no deal to end the partial governmen

phil flynn watching all the action at the cme. gerri, you get to go first. >> i tell you the traders are happy to close out the week. the dow down 559 points. as you just said, that will be down 4.5% for the week. markets across the board. index is down 4% and change. take a look what dragged this lower. financials people are focusing on right now. in the dow, jpmorgan chase down. american express down. financials a big drag. this is reaction to flattening yield curve. other sectors, nowhere to run, nowhere to hide. industrials, technology, also dragging on the dow. look at worst performing stocks from today. united health, boeing, 3m apple, ibm. what is going on here? it is all about china trade. that was the biggest issue today i can certainly tell you that not just traders but investors telling us people are concerned whether we get some kind of a trade agreement with china. talk about apple briefly. morgan stanley reducing their stock price target on apple. also saying they're expecting fewer sales of handsets. and why? becaus

phil flynn at cme for us as usual in chicago. what do we say about this week, phil? >> we say i wish it never happened, we start over again. this is what i say. this has been an incredibly bad week. we look at the stock market. we see this turmoil, all these unanswered questions and it led to one of the worst weeks we've seen in the stock market in many, many years. so you look at that then you look at oil, oil is actually trying to find a bottom. there is a lot of news out there generally would be pushing prices up. strong consumer confidence, they're driving their cars. we're hearing from opec that not only is saudi arabia going to adhere to production cuts, they will overcut. they're trying to say things to stablize the market and the oil just cannot stand up when you look at all this other turmoil. they're fearful of a slowdown. they're pricing in a recession. you know, in the realty is, if the question is, is it a market event or is it an oil event? right now i think it's a market event. if it turns into an oil event with a a big drop in demand then we'll have p

tim anderson, phil flynn back at the cme, alan nuckman at the cme.e bring in your voice. what are you seeing that would indicate that maybe the selloff, you always say the rally has legs. does the selloff have longer legs that follow through on thursday, or will the pause tomorrow during the ceremony for the funeral of president bush 41, will that sort of give a pause for a brief reprieve? >> if it's up to me, i think we're going to get a reprieve, i really do. i'm looking at some of the order imbalances that are coming in. we are seeing as many buy side orders coming in as sell side orders, and you know, when we talk about the flight to quality in the bond, we are seeing the long part of the yield curve move up but part of that is from long-term imbalances. we have seen the long end of the yield curve be low for a long period of time and as far as the flight to quality, we are seeing some of that today, but it's not like a big surge for one day. usually you will see that on the day if the market's really going to crash, you will see that really acce

we turn to phil flynn, fox business contributor. phil, thank you for joining us this morning?is morning? >> i'm great. i want to know about oil price? >> can we see it fall, especially given efficiencies with a lot of companies, can hay handle lower price? >> i don't think they can, some can, some can't, it's about balance sheet. it's not what they can produce it for. it's confidence that banks will lebd them money to keep producing oil? right now is there a bottom in price? hopefully we are getting close. a lot of traders are looking for a bottom. they were looking for 44 and 48. they have gone through that like knife with butter. opec prices are calling for emergency meeting to save the price. they will do whatever it takes. right now they can't take it anymore. >> okay, so you brought up opec, cuts by opec, increase in domestic production over here. is that even fruitful for opec to go ahead. do you believe that's going to improve the situation given the increase production in the u.s.? >> i think it will. it's their only choice and unless we are seeing big dropoff in deman

good to see you i'll think of you when you're place setting -- [laughter] phil flynn thank you very muchy happy new yore and good morning to dagen mcdowell. >> welcome back cheryl casone i missed you last week oh you look so well rested no i just my face is puffy so that's -- just kidding. that's a trick. cheryl i will see you later good to see you. good morning everybody i'm daig taig in for maria bartiromo monday december the 31sts new year's eve your top stories at 6 a.m. eastern. ending the year on a high note. or trying -- futures are heading higher this morning after president trump tweeted about a positive phone call with china's president xi jinping indicating a possible easing of u.s. trade tensions with china. futures are showing big gains across the board a 206 point gain on dow futures right now. and a geed week on wall street, could not reverse december's incredible losses. look at the markets this month. all three major market gauges down roughly 10% just in the month of december. which will mean that 2018 ends in the red right now the dow is down 6.7% for the year. the s&p

junk on spirit fox news contributor phil flynn on where the safe havens are today. il. >> good morning, dave. an incredible year for gold. late in the year put on a rally but they had a lot of headwind. we had rising interest rates. we had people moving money out of the stock market into bonds. remember year ago everybody was looking for gold was one place people were bonding when they were looking for some type of return. the other was of course the high yield on funds, those junk bonds. we saw a major reversal here. for people over $60 billion pulled out of junk bond fund in the last month because no wonder were looking for yield, were looking for safety. dan goldin the new gear. even though we are closing down for the year, were making a nice run at the end of the year because were not going to see as many interest rate increases in the new gear. a lot of turmoil in the marketplace. looking for something that is more solid, little less volatile. gold might be that place. the pullback is another interesting thing. that might be reflected with what we saw in the ene

phil flynn from chicago, thank you. >> thank you, dear.: tried to impress snapchat parent company but now exchange may be wishing the attempt would just disappear. cheryl: there's always video tracee carrasco and that can really burn you, what is this story? tracee: new york post reporting that executives at the new york stock exchange ordered dozens of staffers down to trading floor so it would look busier than it really was, elaborate plan to impress snapchat steven seagal. never toured the nye or trading floor prior to snap's ipo. cheryl: they'll probably be video if he did. this time it's a fake robot. tracee: this is a bizarre story, yes, high-tech robot being shown off on russian state tv for his abilities to walk, talk and dance, well, turned out to be just a man in nearly 4,000 costume, take a look, robot boris, forum for kids, however, those watching were not convinced, photographs later came out showing the very obvious neckline of the person inside the robot costume, the organizers of the forum say that they were not trying to p

blake: phil flynn, live on the floor of the cme. il, thank you. >>> meanwhile president trump threatening to cut aid to central america if democrats do not agree to fund his demands of the border wall. this is a tweet he sent out darks a three-parter. honduras, guatemala, el salvador are doing nothing for the united states taking our money. a new caravan is forming in honduras, they are doing nothing about it. we will be cutting off all aid to these three, taking advantage of the u.s. for years. former deputy assistant to secretary mattis, amber smith. hi, amber. >> hi, blake. blake: we heard the threat from the president before. why should we believe it this time? >> what we saw from the president's tweets today, it is a negotiation tactic. he is fed up with the dysfunction that has come out of congress that resulted in this government shutdown. he wants his five billion dollars for the wall. i think that he is, put it this way, congress approved $45 billion for the war in afghanistan in 2018. they refuse to give president trump fiv

prices posting gains this morning following sharp losses yesterday, we have to turn to our expert phil flynn market analyst at price futures group and, of course, fox news contributor who is joining us now, good morning, phil, great to see you because i know i saw you yesterday on the evening tv and now again 5:56 a.m., what is driving, when we talk about oil there's a lot of volatility, what do you see will happen in the next little while especially when you consider the fear of global slowdown and how it affects oil? >> well, thanks for having me on the kristina network by the way. not quite. you know, what, listen, the early market leading economy down or early markets down. we saw the price of oil collapse after donald trump, you know, basically lifted the waivers on the iranian oil and that really drove the prices lower and raised concerns that maybe there were bigger concerns about the global economy but now the oil markets look into the volatility in the stock market for direction and after the big comeback yesterday oil prices all of a sudden look a little bit more bright right now,

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let's go to phil flynn at the cme. phil, talk to me, what is going on there? >> everybody is running for cover. i wish we could build a wall under the price of oil, it is really spinning out of control. what you see here, what your other guests were talking about melissa. this is sig isnalling this could be a major problem for the global economy. we're hearing about fears of a slowdown not only in the u.s., but in china in india you, biggest consumers in the world at a time when production is very high. now what is crazy about this we did get another report yesterday, demand in the u.s. hit an all same record high yesterday. the fed has to day passengers to this. this is not signaling what is happening in the market. it is signaling there will be big problems in the future if they don't pay attention to that, that will go down. we're really at a very critical point i think for u.s. hail producers. we get much lower than this. you will see rig counts come way down. production will level off i don't it is amazing phil. we're singing for some time -- sinking. con

phil flynn, sarge steps into your territory here. regarding oil, saudi arabia has apparently said you know what, the word is that they cut their output and they made that deal with russia in order to kind of poke the u.s. in the eye on this one, and right now we have oil moving pretty significantly higher. oil up 2.75%. what's going on here? >> you bet they did. tell you what, sarg, welcome to the oil space. we need all the help we can get. come on board. the other thing, listen, i have known this for months, liz. saudi arabia was totally caught off-guard when president trump granted waivers to iran on the oil supply. they were shocked. that cost them billions of dollars because they believed donald trump when donald trump called them on the phone and said hey, raise production, we're doing you a favor, we're going to tell iran we are going to cut them off, we will bankrupt them, you have to help me, you have to raise production. all of a sudden, president trump without even calling saudi arabia says hey, forget it, we will grant wai

phil flynn at cme and our own hillary vaughn is at the white house. we'll start with you, hillary. reporter: good afternoon. president trump really declaring a 90-day trade truce with china during a heart to heart at g20 in argentina, with chinese president xi xinping. the trading partners agreed essentially to relationship reset. top white house economic advisor larry kudlow saying this at the white house lawn just moments ago. >> ambassador lighthizer will be in charge of shall we say enforcement, monitoring and timetables. there is nobody better than him in the business and i'm sure he will keep, try to keep china on track. they literally can start today. president trump made very clear he is our lead negotiator. nothing will happen without president trump -- president trump by the way has been very involved in the details of this. reporter: kudlow saying he is cautiously optimistic and really saying that a lot of the push for this actually came from president xi saying saying thate engaged a level of detail that was unusual and he was the one who made the pitch to really come t

we are asking our energy guru, phil flynn. you have some good news?can't be eskridge on gasoline prices going into the new year, are you kidding me? of course they will continue to go down. in fact we have seen going into the holiday season some of the lowest gasoline prices we have seen going into the years. prices have fallen like 50 or 60 days in a row and that will continue into the new year. and guess what, i think it's partly a present for president trump. he got on opec to produce more oil and get those gasoline prices down, so i think if you had a present from president trump, here it is. lower gasoline prices for the new year. >> so your reasoning behind this is not just the president but you are seeing more output from opec on lower prices? >> we had concerns earlier in the show and one of the gas is concerned about the health of the economy, and it's a concern i don't share because i think we are in a good spot. but nevertheless, we see weaker oil prices, is not associated in some way, shape or form as a sense of not as good in the economy?

phil flynn, thank you very much. >> thank you.riefing still delayed but it is still scheduled to miss the opportunity for sarah sanders to address all of these concerns right after this. and neither will i. and i treat my mbc with new everyday verzenio- the only one of its kind that can be taken every day. in fact, verzenio is a cdk4 & 6 inhibitor for postmenopausal women with hr+, her2- metastatic breast cancer, approved, . . and more than half of women saw their tumors shrink vs an ai. diarrhea is common, may be severe, and may cause dehydration or infection. before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. serious liver problems can occur. symptoms may include tiredness, loss of appetite, stomach pain, and bleeding or bruising more easily than normal. blood clots that can lead to death have also occurred. talk to your doctor right away if you notice pain or swelling in your ar

i will start with you, phil flynn. which sectors have you seen grab the lead and which are falling off? >> well, energy today was a real big one. for the past couple weeks, everything was defensive. consumer staples, you know, looked to buy into lower risk type of things, utilities. they have been doing very good. but energy stocks, of course, are starting to turn the corner right now because traders are seeing value in these stocks. some of these stocks have been beat up so bad during this recent sell-off that unlike a lot of s&p companies, they are trading, some of the better ones are actually trading better than earnings and better than cash flow. so they are really undervalued when it comes compared to a lot of the other s&p stocks. so they are going to find some value as well. health care, of course, that will be a big one. we really like cvs down here. that will be a big stock here. they are going to have both ends to the middle. they will have the insurance side, they will have the distribution side. it's a grea

phil flynn. all the major averages are down for the month and for the year.e nasdaq, it's getting special scrutiny today, down more than 21% from its highs which would count as a bear market. it would be the first of the big three, this being the dow and s&p 500, to enter bear market territory. the question is, does it stay there after the close of trading today. we shall see. other averages like the russell 2000 mimic the performance of smaller stocks, more company stocks, to say nothing of the dow transportation average, which sort of telegraphs, some say, the economy, are well into bear market. that's the kind of insight you get with what he was just pointing out on fbn but long before we became this juggernaut, there was a guy who was trying to make sure you tuned to it to find out how great we would be. take a look. >> you don't get fox business. >> you got to demand it. are you the guy that gives them the business? frankie, start bringing the business in. we're going to bring the business in. if you order tonight, the next 15 minutes, neil and i will co

phil flynn is watching the action in oil at the cme. blake burman is live at white house but first let's start with deirdre bolton who is live in the newsroom with the latest. forget it, let's go to gerri willis because she is where all the action is on the bounceback. >> unbelievable, melissa. tell you the sentiment changed just as market was ready to close, a trader ran by yelling at me, finish in the green, finish the green! it was a huge intraday turn around for all of the major indexes and why? because of the federal reserve. signaling a new wait-and-see attitude towards raising rates. they will go with a data dependent strategy, make a decision, meeting by meeting, dependent on the data whether they raise rates or not. we possibly will most likely have a december rate hike locked in but after that it will all depend on what the actual data shows them. this is big news for market, big news for companies, a big cost of money, interest rates could be going lower, rather than higher. i want to mention quickly, i know you get a lot of

cheryl: one thing we do know, phil flynn, is what's going on with the oil contracts. forget any inflation when it comes to oil. you got happy drivers out there in 2018. oil losing 11% in december, down about 26% -- 25%, excuse me, for the year. so that's a good economic indicator, i would think. >> well, it's a mixed economic indicator. i mean, it's a good thing people are getting low gasoline prices. you can thank the u.s. refiners, you can thank the u.s. shale producers. that's definitely a positive for the economy. on the flipside of that, of course, if you look at the entire energy sector, the worst performing sector of the year, that's a big part of our economy as well. we are the world's biggest oil producer. yay. that's another thing we did this year, right? so we don't want those prices to get too far down and sometimes, that drop in price like teddy said could be a forward looking indicator. it might be signaling lower demand in the future. guess what? we don't have lower demand now. demand right now is near record highs, still very strong. i think this marke

phil flynn, oil certainly dragged down the entire energy sector today. >> really has has.cerns about growth an stronger dollar. as bad as it looked today we've been in the trading range, since basically thank giving, when prices basically collapse. oil prices, they're hanging earlier on the edge. a very important part. a lot will have to do with the fed next week. holding where we are right you no, really bodes well going into next week. liz: the fed is going to, make the prediction, act hawkish, meaning they will raise rates but talk dovish. jordan, you have 20 seconds here. give me a one-year dow. testing february lows at the moment. dow or s&p. jordan? >> i don't think we're much higher next year. it's a struggle. a lot of volatility. be patient and not lose your head. can't trade with emotion. the market can't go up all the time. wouldn't be realistic. we have been fighting to stay even this year. liz: that from a bull, charlie. >> i think based on stuff out of our hands right now, in president trump's hands, trade and president trump's hand. fed lays off, we get a dec

joining us right now is senior account executive, author of the energy report, phil flynn. you this morning. thanks for joining us. >> good morning, maria. great to be here. maria: what's troubling oil today? square that circle in terms of what the market's doing ahead of the opec meeting. >> i think there's three main things. obviously concerns about economic growth. i mean, that is a concern when we saw the stock market get worried, the huawei news, concerns that we'll have a big trade war, that sent the market really reeling. but also too uncertainty coming out of the opec cartel meeting today. the trade was pretty much assuming that a production cut was a done deal, that we would see probably at least a million barrels from opec, maybe as much as 175,000 from russia, up to 300,000 barrels a day. but we heard from the saudi energy minister today that says hey, not so fast. we really haven't agreed to anything yet and we're going to kind of wait to see what russia is going to come to the table with. the russians have been playing a little bit coy right now. the russian ene

right now we are off that at the moment but phil flynn, you are our oil guy. i'm sure some of that plays in. we have oil below $50 a barrel. consumers love it. but why isn't it being seen as a positive? usually every penny off the price means a billion dollars in consumers' pockets? >> it's because it's really reflecting a concern that the global economy is slowing down. you know, we keep talking about having a lot of oil and if you look at the actual numbers, we really don't. if you look at demand in the united states last week was near record high. imports into china last month, a record high. but the selloff in oil getting disconnect frommed from the fac are seeing strong numbers suggests this is the canary in the coal mine. oil below 50 is a signal we are indeed going into recession even though the numbers haven't shown it yet. now, is it real or is it reality? we are seeing a lot of fear-based trading right now. there's a lot of unanswered questions when it comes to the economy. are we going to get a trade deal, is the government going to shut down, is th

we have phil flynn at the cme, chris robertson, cme as well and peter tuchman. i want to start with you right now. all day on fox business there have been people, experts, negotiating about whether there's been -- we have hit the bottom. some are saying no, there's further lows to go. do you believe that this volatility means that we have actually hit a bottom, or there's still further move to go down? >> are you talking to me? kristina: go, pete. nice to see you, by the way. >> i'm not really sure we can make a judgment on what's going to happen going forward from this last week. i think everyone's positioning themselves at the end of the year. we have had a crazy volatile week, month and last couple of months. to make a judgment what's going to go forward, whether this is the bottom, whether there's any more pain coming up, it's really hard to gauge. a lot goes on in the last few days of a normal year, let alone the most volatile year we have ever seen. kristina: i agree. i agree it's difficult to predict what's happening. what's missing right now, wouldn't th

stephen guilfoyle as well, phil flynn. jeff, i got to start with you right now at the cme.down there right now and what are traders telling you regarding this upswing we are seeing just within the last hour? reporter: i heard you earlier say traders were saying they had no idea what the heck was going on, and reasons, and people are shaking their heads here. i'm looking at a guy right now, i was just talking to, who has been on our air multiple times, he's just shaking his head. he said this market is completely divorced from any kind of fundamentals. both the stock market as well as oil, has nothing to do with supply and demand, nothing to do with economic strength or weakness underlying the economy. it has all to do with fear and expectations. right now, maybe there is just a lot to be fearful about with the administration and other things going on around the world but it's not about fundamentals at all. kristina: i feel like you just made it really difficult for me to ask our two other traders now what's going on. you're just saying nobody understands what's going on. i

the time of the day to fox business jeff flock and fox news contributor phil flynn with the very latest an argument as you had earlier in the show. i agree with you this time. over supply worries. >> depends on how you demand. if were going into a global recession then we have an oversupply. in 2016, we had an oversupply. by 40%, 50% above the five-year average. in only because we released a lot of oil. like 20 million barrels. blake: why are we so far down in oil and why did we have this generation at a .6%. >> it's more about fear. originally when oil prices started to go down, he was leaving the stock market down. i've honestly cannot oil stain maybe there's something wrong with the global economy. it's really about donald trump pulling the plug on the iranian sanctions. but now it's changed a bit. and the oil stocks. blake: one of her colleagues yesterday to talk about the effect of the president. one of your colleagues come you know who this is better not when it's better not when it's how you would've said oil is up so much just today trump was in iraq. he couldn't leave. all of t

fox business jeff flock and fox news contributor phil flynn. what do you guys together they are.anging out smiles. >> nice to see they released you from your captivity at the white house. they are still in captivity here. i want to get to that in a minute. that's why weren't soybean. the first, oil. a huge run-up today. what is that about after this huge selloff on monday? >> common sense coming back to the market. last week fell off the christmas eve massacre probably was way overdone. now we are hearing from question to opec that they don't want this to continue. and all the sudden a stock market at oil by my crazy. >> were people freaked out they didn't like those over the holiday? going into the market that closes prior to the holiday were so weak and people were worried about a black monday. and they really sold the market off on my volume late in the day. when you get that late in the day selloff likely haven't christmas eve, lot of time that could be capitulation in today's big rally today could be the bottom. blake: to say it's quiet over here may be a bit of an understat

fox business jeff flock and phil flynn in chicago.r sense that they are out about it there or what? >> well, no. actually some people are questioning why the saudi's would be screened the president over essentially for want of a better term. because they felt he did the same thing to them. he stood by them through this whole assassination of the journalists. >> remember, you know, earlier in the or president trump was telling saudi arabia and the opec producers, hey, guys, you don't like iran. we are going to cut off all their oil exports, but you've got to back me up on this. you've got a raise oil production. so they did in the russians did. they said were going to grant waivers and not going to do this and prices collapsed. they are very angry at a cost of billions of dollars. >> that's a take down here. what is the impact going to be on price? >> the impact is a better fill up your gasoline tank. prices are a relatively calm because there's a short-term oversupply. that is going to change pretty dramatically in the new year. we ar

joining now fox news contradict tore phil flynn, all right phil. 2019 will oil ands gas make that rebound i think oil oil will but gasoline in era of new low price and i think low prices that we've seen last year is going to be the beginning of low gasoline prices even as oil goes up, we're going to see gasoline have less of an impact on oil, and main reason is it is because of shell oil it produces a lot of gasoline not so much diesel in so for every barrel of shell we get that much more gasoline keeping those prices relatively cheap. >> on oil front itself, the big debate the man versus supply, in the moon time you know, there's still putting on more rig talk of emergency meetings out of opec what's the main driver of oil prices next year? >> i think it is going to be the chinese trade talk if we get a chinese trade deal, the demand, destruction that we've heard about will disappear and we're going to probably be undersupplied in new year i think opec earlier in the year overreacted to donald trump's promise to cut off supply from iran they overproduce but now they're going to go to cut

lauren: prices are up this morning, phil flynn, thank you. cheryl: let's go to maria bartiromo who is in washington, d.c. good morning. maria: thanks for joining us it is friday december 7th, top stories right now 6:00 a.m. on the button east coast, stocks under pressure this morning, take a look at futures indicating decline at the start of trading despite the fact that markets cloaked off of the lows yesterday, it was a wild one on wall street yesterday, plunged earlier in the session in the arrest of huawei ceo and china relationship and report from wall street journal on federal reserve taking a wait and see approach on raising interest rates lifted stocks from the lows, the market actually ended lower but well off of the lows to have session. at the end of the day it was mixed, take a look at the numbers, dow jones industrial average almost down 80 points, third of a percent. s&p was also negative by 4 points and the nasdaq turned positive almost 30 points, 1 percent higher on nasdaq, there was buying momentum yesterday. take a look at f

going to have to wait until those big redacted paragraphs in the flynn sentencing memo get replaced by something more tangible. >> phil, you've been covering this white house and this president as long as i have. you probably remember some of what the president has said about mike flynn. to help refresh our viewers' memories, here's a little bit of that, druonald trump over the years talking about this guy. >> did you direct mike flynn to discuss sanctions with the russian ambassador -- >> no, i didn't. >> -- prior to your inauguration? >> no, i didn't. >> did you fire him because information leaked out? >> i fired him because of what he said to mike pence, very simple. he was calling countries and his counterparts. it would have been okay with me. i would have directed him to do it if i thought he wasn't doing it. hillary clinton lied many times to the fbi. nothing happened to her. flynn lied, and they destroyed his life. i feel badly for general flynn. he lost his house. he's lost his life. and some people say he lied and some people say he didn't lie. i mean, really, it turned out maybe he didn't lie. >> phil, the

>> i was just thinking about the night phil and i were following flynn around. he was someone close to the candidate. he was even considered a vice presidential candidate by mr. trump at the time in the summer of 2016. he was a confidante when people in the political administration wouldn't give him the time of day. he was there briefing the candidate, making him feel like he was familiar with foreign affairs and military policy. this is a significant blow to see this kind of cooperation detailed out for a white house that's under siege. you see a pattern building from robert mueller. all these different instances whether it's michael cohen, kislyak and flynn, paul manafort, all these different instances. we don't know the intent yet, whether there was a criminal conspiracy. we know there was a pattern of behavior here that could raise questions. >> again, phil, it is hard to know what's behind the black lines, but part of what we are allowed to read tonight, mueller's team seems to be saying, because he was a big fish and because he came over to team usa early

to avoid jail time.be : and flynn met with ambassador kissly at the russian bassador during the transition. brings a lot of thoughts about that transition. you covered it, phil>> that's right. there was a discussion between flynn and kissly about the sanctions imposed by the obama administration to punish russia for their interference in th 2016 election. one thing that sticks out from theer mueilings earlier this week about flynn is that he's met with the special council's office 19 separate times. that is a big number. that's a lot oforporation. you wonder what he was saying in all of those meetings. s weimply don't know. it has the president and people in his orbit quite worried. >> david ignatius according to the filing, he kicked thi all off by noting bk in january of 2017 that kisliak had myn with around the time of those sanctions and that it was about telling putin, don't worry once we get in office we're going to pull those sanctions and that's what set mueller on this path. robert: as paul sits insome dare confinement and they're wondering if he's going to break, president trump praising roger stone with having guts and fighting back against invest

i don't think flynn will get any time, but if he doesn't it is only because mueller and his team decided they would stick with the original deal. >> wow. that is something, sean. philfbi agents described their strategy interviewing flynn and they write this. if flynn said he didn't remember something they knew he said, they would use the exact words flynn used such as, and it is redacted, to try to refresh his recollection. the expectation is what the redacted part is talking about, a transcript of his phone call with the russian ambassador. >> refresh his recollection like he didn't remember. there's some traditions in america, there's mom, there's apple pie, there's the tooth fairy and there's the great tradition of how the fbi investigates and questions people. you are not going to walk in and say, here, we have a phone call with the russians, your he going to start with questions. can you talk about your interactions with the russians during the campaign, anticipate flynn will give you something and then you will narrow it down. you will give him chance after chance and when he finally ties himself up in knots you're going to say, did you say anything about x,

phil, there's this notion being put forward by the president that flynn was somehow convinced into lying the fbi. doesn't seem that way from these documents. >> what do you mean it doesn't seem that way? it's not that way. let's not dance around this. he already lied before. he had his story down. he lied to vice president pence and sean spicer. so no surprise he walks into the feds and lies again. it's the same story. let's remember as well, it's a voluntary conversation. he didn't have to show up. and i close by saying the feds come in and give you a chance to speak. they'll say talk to us about your relationship with the russians. if he doesn't come clean about what he talked about with kislyak, they might give him another chance. you had phone calls with kislyak. obviously, they know what was in those phone calls. might have had the transcript. what did you say during those phone calls? he lies again. can i say one thing? i've been interviewed, i remember one interview years ago by the fbi when i was approached by a couple lobbyists in washington, d.c. those lobby ufts were involved

phil mattingly. there is a lot of questions about michael flynn and contacts with the russians. some of the spy novel stuff and we are not sure if it's smoke or something there. one of the key questions is did the president of the united states know that michael flynn lied to investigators and what else did he know when he fired jim comey. was there an effort to obstruct here? >> and a big question will be, how will the president respond when whatever the facts are are laid out. he has been agitated. he was tweeting his concerns about robert mueller, he's not the man we think he is and all of this. he is clearly upset. it seems like he is upset about something. how will he react if anything implicates him or other people that are close to him. >> upset because remember, he knows more than we do and sees what's happening with michael cohen and knows there is a manafort filing and the flynn filing is coming and michael isikoff from yahoo. he said they have been telling people they are tying up loose ends and trying to conclude said a source that represents key witnesses in the cas

>> the memo here involving michael flynn, it's clear again from bob costa and phil rucker's piece that's something that concerns a lot of republicans as well. you look at what's enumerated there and she sat down with the special counsel, 17, 19 times, that's a lot of times with federal prosecutors. yes, a lot of that was redacted, but help us understand how concerned folks should be what was not in to our eyes the memo about michael flynn? >> well, i think the administration should be more and more concerned not only based on what we have learned, at least what wasn't redacted from the flynn memo, but the cohen memos and the manafort memos. i mean, i think and cohen in particular, yes, flynn is a special kind of bad because as either the future or current national security advise, you're caught talking dirty on the phones about sanctions. i mean, that's as potentially damaging to the country as it gets. when you look at the cohen memos and it talks about how he apparently was circulating, i think was the word that was used, circulating his false draft testimony before congress -- now, we

phil mudd, always. >> we're waiting for the michael flynn sentencing memo to hit. meantime, as family members and member of the public pay their respects to president george h.w. bush something, remarkable moments we saw taking place today in the capitol rotunda. we'll talk to a former vice president al gore, and also to the former president's granddaughters next. come on dad! higher! higher! parents aren't perfect, but then they make us kraft mac & cheese and everything's good again. i am all about living joyfully. the united explorer card hooks me up. getting more for getting away. traveling lighter. getting settled. rewarded. learn more at the explorer card dot com. so lionel, what does 24/5 mean to you?rade well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light. ♪ you're not gonna say it are you? ingenious space- neat nest™ by fasaving design. so you can

i'll talk to him about michael flynn and all the things going on in washington. don't go to most, he's philickelson, pro golfer. to me, he's, well, dad. so when his joint pain from psoriatic arthritis got really bad, it scared me. and what could that pain mean? joint pain could mean joint damage. enbrel helps relieve joint pain, helps stop irreversible joint damage and helps skin get clearer. enbrel may lower your ability to fight infections. serious sometimes fatal events including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders and allergic reactions have occurred. tell your doctor if you've been some place where fungal infections are common, or if you're prone to infections, have cuts or sores, have had hepatitis b, have been treated for heart failure, or if you have persistent fever, bruising, bleeding, or paleness. don't start enbrel if you have an infection like the flu. since enbrel, dad's back to being dad. visit enbrel.com and use the joint damage simulator to see how your joint damage could be progressing. ask about enbrel. enbrel. fda approve

i think they're centering in on the investigation which is what flynn and others are saying about cooperation with russia. >> well, phil mudd is not alone. last night on the program moments after the memo hit, cnn chief legal analyst jeffrey toobin said this about a statement, in it, stating, i'm quoting now, "senior government leaders should be held to the highest standards." >> i don't think that is just filler material. i think that is a statement of how mueller is going to approach the remainder of his investigation as he starts thinking about the people in the white house. >> and the disgraced national security adviser has apparently given the mueller team plenty to work with, sitting down 19 times with prosecutors, helping in three ongoing investigations. and right there, you might be saying, three? there's possible collusion, there's possible obstruction, what is number three? well, the memo hints at it in several places, most notably in one it talks about the general provider, quote, substantial assistance in a criminal investigation. and take a look at what follows. the rest of the page and some of the next 22

phil, appreciate it as always. we continue to wait for the michael flynn sentencing memo to hit. in the meantime, poignant moments as members of the public paid respects to president george h. w. bush. and remarkable images we saw today taking place in the capitol rotunda. we will talk to former vice president al gore and also two of the form president's grand daughters next. >>> breaking news right now the movement we have been waiting for. all day. the sentencing memo for michael flynn just hit. we learn he provided substantial assistance, michael flynn has to the special counsel. now we are getting a copy of it. we want to get a tape from sara murray and shimon. >> it's about a 13-page document as you pointed out. the special counsel asking for no prison time. >> asking for no prison time because of the level of cooperation. >> citing substantial assistance. and we should remember we really dent know very much about what was going on with michael flynn. he struck this plea deal in december of last year. and every time they tried to move forward with sentencing, the mueller tea

flynn, for example. do you think that's by design? >> yeah. look, i agree with phil. help's asking for some kind of pardon. he said he was proud that the president tweeted that he had guts, and, you know, obviously the president doesn't believe michael cohen has any. what was interesting to me about flynn after the sentencing memo is we didn't hear anything from the president on that because the message that was copping out of mueller's office strong and clear is if you cooperate with me and you give us substantial assistance in any way, shape, or form, we're going to be good to you. and that's not donald trump's message. trump's message is if you cooperate with mueller, you're not doing yourself any good. but if you cooperate with me, then maybe i won't take a pardon off the table, as he said about paul manafort. >> kaitlan, you cover the white house for us. how do you think the president will react to that kind of rhetoric from roger stone? >> he is going to react positively, wolf. we've already seen that. he was praising him saying he is one of few people left who