for "nightly business report," this is steve sedgewick, in vienna. >>> still ahead, stop the presses.hy demand for real news is increasing as fake news spreads. ♪ >>> senator elizabeth warren is criticizing wells fargo's decision to seek arbitration for customers affected by its fake accounts scandal, rather than allowing them to sue. in a facebook post, the senator said wells fargo's promised to treat customers better in light of the scandal is meaningless, as long as it insists on arbitration. as we reported last week, the bank asked a court to uphold contract clauses that mandate orb arbitration something commonly used by financial firms to protect against litigation. >>> the nation's commercial banks recorded record profits in the third quarter. revenue and net income increased from a year ago. loan balances increased, and quality improved and the number of unprofitable and problem banks fell. >>> after years of falling numbers, the "new york times" is seeing a surge in subscribers, both print and digital, since the presidential election. for years, print media has suffered from a

. >> thank you, steve sedgewick in sri en i can't.ould your energy play look now if it stays above or below 50 bucks a barrel? we go around the horn. tim. >> in a world where there are a lot of hedges and pxd and -- they are -- these guys have the most exposure, to not conventional. russia, if you think about today, any oil above 50 is good for russia. sanctions could be getting better. the reset with the u.s. is important. rsx is a great way to play and russia has higher dividend payouts and are getting better and better. >> karen. >> yes. we haven't talked flowserve which actually gets both industrial exposure and oil and gas exposure. they did an ill-timed oil and gas acquisition two-and-a-half years ago. and that has really weighed on them. so we see a sustained oil recovery and production here increase, that's very good for them. and then you have the industrial part of it, as well. so chemicals, just gdp growth together, both flowserve. >> beakers? >> for me, i'm going to go with the less directional oil and go to exxonmobil, xo

. >> steve sedgewick, thank you for.let's bring in the man who correctly predicted the collapse in 2010 and has a time line for when oil could break. hedge fund of rr advisers joins us on the fast line. great to have you again. what is the path of oil, starting with the opec meeting tomorrow? >> well, you know, again, thank you for the time. so our view of all of this is really that, you know, our sort of analogy, it's sort of the concept of a nike swoosh recovery. and so we think about it in sort of the concept of a four to five-year cycle that started in the summer and fall of 2014. we're a couple years into it, off a cliff quickly. the bottom reach, the trough back earlier this year in january and february. we're gradually beginning to climb, you know, sort of the tail of that swoosh, if you think about that nike in the emblem. and so ultimately, we think as you get into -- we agree with the concept, the 2017 is really the year of rebalancing. irrespective of what opec or doesn't do here. and once you get past into th