steve sedgwick is there for us tonight. >> reporter: the markets continue to fall on tuesday. despit a respite the markets saw monday. you have wti and brent trading in bear market territory. ie, down more than 20% from the recent october highs. they rose in part on monday on hopes that there would be iss supp the market. that came on the back of an oil meing of opec minorities here in abu dhabi. but i'm afraid by tuesday the market was falling yet again. following president trump tweeting that he didn't want saudi arabia and opec to be production. very tough for saudi as well ased se they see inc supply and concerns on a dplut and bigger inventories in early 2019. they were hoping to get ahead of the curve and cut production to alleviate concernst ine same time as the u.s. showing record production. soul then they be creeding market position to the united states shale producer. a very tgh conundrum for opec and saudi arabia. tinue we speak prices c to fall. this is steve sedgwick, night business report in abu dhabi. >> and trade is the her iss investors have been focused on.

let's get out to steve sedgwick live in abu dhabi at one of the world's biggest energy conferences.hat did they say that got crude to maybe break a 12-day losing streak >> dominic, sometimes you and i are watching stories from the outside. sometimes we are fully immersed in the story i feel privileged that i'm at the center of this story i was at the key opec meeting with the russians on sunday. i felt that they had to come out this morning and they had to make some verbal intervention. they're incredibly worried about what's going on. we spoke to the secretary-general of opec. we spoke to the president of opec, they needed to get out the message that they will take corrective action for this precipitous decline in oil they want to do it at this december 6th meeting on the back of that verbal intervention, the market rallied. is it temporary or not that remains to be seen. i first spoke to mohammed bar wi barkindo, i said what about the russians/saudi relationship. let listen to his answer >> the saudi/russian relationship is as strong as the rock of gibraltar. we will do collective

highest price in the country, honolulu, $3.82, cheapest tulsa, oklahoma, $3.39. >> steve sedgwick, always enthusiasm, especially we need it on a monday. thank you. >> i'm up now. >>> still come, the cast of "hamilton" delivers a message that would make the founding fathers proud. >>> plus, what's wrong with this couple's engagement photo? we'll show you. car insurance when we switched to geico. this is how it made me feel. it was like that feeling when you're mowing the lawn on a sunny day... ...and without even trying, you end up with one last strip that's exactly the width of your mower. it looks so good you post a picture on social media. and it gets 127 likes. geico. fifteen minutes could save you fifteen percent or more on car insurance. fifteen minutes could save you everything was so fresh in the beginning... but that plug quickly faded. luckily there's new febreze plug. it cleans away odors and freshens for 1200 hours. breathe happy with new febreze plug. give joyat kohl's! you've earned it! now it's time to spend your kohl's cash! treat yourself to an early gift or, use your kohl

cnbc's steve sedgwick has all the details this morning.ter: good morning, philip. good morning, frances. happy cyber monday. yeah, 50 billion bucks is what it will cost the british to get out of the eu, if it still goes ahead. they have approval, a rubber stamp for mrs. may's plan to the eu on saturday, but can she sell it to the members of her own parliament and the british people as well? there will be a key vote we think around december 12th where parliament looks at the moment it's anti this deal. we have a new acronym called b.o.b., bored of brexit. also, is this the cyber monday deal of a century? caution, everybody. bitcoin now below $3,500 per bitcoin, lowest since september 2017. the high was just under a year ago, december of 2017, $19,783 per bitcoin. it is now under $3,500. be careful on that one, even if it is cyber monday. back to you both. >> choosing bitcoin a bad idea, huh? >> no kidding. >>> still ahead, a royal relocation. where prince harry and meghan ma plus, ralph breaks the box office. huge holiday debut, next. u ok

the cfo of the business, john dacey thank you very much for joining us on cnbc let me channel steve sedgwickhe's asking from the studio about the impact on these catastrophes clearly we see what happened through the quarter. running forward here, can you still generate a profitable combined ratio running through the rest of the year >> i would say for the first nine months we have been at a profitable ratio we think the third quarter was a tough quarter. year to date this is not an exceptional year these losses are big we have great sympathy for the people who suffered directly from them. our job is to get the cash into the hands of the insurance clients so that they can disperse it into the field >> interesting that you point out that you think across the nine months this has not been exceptional for natural catastrophe, we looked at 2017, we saw 2018 as a year of recovery and recuperation in many senses for the reinsurers and the insurers as you do a like for like comparison with last year, how would you describe what we've seen through 2018 and of course we're still not done here, maybe t

i think when the show "dallas" was still on television all because saudi arabia is cutting it steve sedgwick story. >> reporter: brian, you know what it's like in these conferences. you were there in vienna in june it's a bit of a smorgasbord. we came off the plane, australians chatting to the saudis and russians who both said they would do what they needed to do to balance the oil market it comes as a backdrop of raging u.s. production. i've been speaking to the ceo of saudi aramco of course the big speculation at the start of the year is when the ipo was going to be. that was if the big aramco ipo was going to happen. big question on valuations as well was it worth 2 trillion or was it worth $1 trillion as some questioned as well i spoke to armin nasser, he says he's still going ahead. >> the government announced there was a lot of things. the government needs to facilitate the ipo we would not have to go through all of these things and not to have the ipo not happening >> reporter: so then i was trying to do some numbers. when's it going to happen. we have a $70 billion petro chemicals de

i'm steve sedgwick these are your headlines equities push higher ending for now the global selloff as investors go bargain hunting with the banking sector leading the way higher >>> budget brinkmanship, italian ten-year yields are set for their biggest one-day falls on reports that mateo salvini could be open to a budget compromise >>> oil prices also clawing back some losses as president trump says he stands by saudi arabia, claiming it would be a terrible mistake to abandon the support for crown prince mohammed bin salman >> i'm not going ing to destroye world economy by being foolish with saudi arabia. >>> and renault shares higher as the company appoints a temporary leadership team after carlos ghosn's arrest but they say he will remain in the role as chairman and ceo >>> about 20 minutes ago when i was looking at the european markets it was 50/50 green and red. now we're moving about 7/3, 6/4, most stocks moving higher after a drubbing one thing i do want to point out. though we had leadership from the technology sector on monday and from the energy sector on tuesday on the way d

so many cross currents in the energy complex steve sedgwick watching a huge story. >>> let's get to suea with a news update. >>> canadian prime minister justin trudeau says he discussed u.s. steel and aluminum tariffs with trump over the weekend. they met on the sidelines of world war i armistice commemorations in paris. today trudeau said he made it clear that he wants a swift resolution. >> the issue of steel and aluminum tariffs continues to be of concern to canadians like it is of many american citizens and compani companies. i hope we can solve this by the time we meet at the g20 in argentina. >> vice president pence will s on a trip that will include japan, singapore and australia he will represent the trump administration at the u.s. asean summit in singapore. >>> and the death toll from the california wildfires now rising to 31 but another 228 people remain unaccounted for as crews step up the search for bodies and missing people this is a satellite image from nasa which shows the paradise wildfire in northern california. keeping an eye on that that's our news update sara, back

. >>> oil prices rising overnight on word of a saudi-led supply cuts steve sedgwick joins us. >> reporteruch going on it's like a mini opec meeting. the russians were there, the saudis were there. along with the u.s., they are the big three oil producers in the world. i went to a meeting just like five or six weeks ago where they were talking about putting as much oil as they could on the table. now they're talking about taking a vast amount of oil off the table. what an extraordinary turnaround in six weeks and the key x-factor here are the sanctions over iran that weren't. the waivers came in and that's big news the fact that now the saudis and their allies potentially are going to take a lot of oil off the table as well. whether the russians take it off the table remains to be seen another bit of news out of abu dhabi, i've talked to the ceo of aramco according to him, there is still going to be an ipo of aramco could be around $2 trillion. he says it will still happen they've done too much ground work to let it go. he says the time frame is still 2021 that to me sounds like the long g

here's what he told steve sedgwick overnight at an energy conference in abu dhabi. >> it's naive to thinkd things will be better. things will be way worse if opec is there the second question, do we force -- does opec force countries to make decision when it comes to production absolutely not the decision of producing is a decision by the state itself >> joining us now on the "squawk" newsline, mark fisher of mbf asset management. mark, help us try to understand whi what he just said. >> i actually think that what's going on here is not just the fact that saudi came out and said they're doing a study on the relevancy of opec. the fact that you've caught everybody long and you had, you know, china and everything else. more was i think you're seeing what everyone is talking about is that people that have been long oil and gas forever and i once focused on crude oil coming off in the last 14 trading days nat gas has surged 50% in the last two weeks what happened is you had a tremendous amount of macrofunds that for years have been basically buying oil and selling and has done tremendously we

i mentioned a conversation steve sedgwick and geoff cutmore were having >> i think we already know whattionary spending levels will be that's not going to be moved much i'm amazed by both sides of the aisle refusing to admit if we want to move the needle on deficits, it's on entitlements >> so tax cut 2.0 goes away. you won't have that fiscal stimulus going into it treasury won't issue as many bonds to pay for some of those thing things >> i do, but the size is not needle moving any way. one interesting thing about the markets, at treasury department level they can have the inflation indexing to capital gains. >> can you both speak to the issue that mr. boockvar was talkitalk talking about, the leverage china thinks it has or doesn't have today relative to yesterday? in terms of where this tariff/trade war goes. is that going to be the overhang over the next couple of months >> i would hate to think by client capital would be affected by me forecasting how china is interpreting midterms. >> they were waiting for it. >> they were i believe we're in the same place we were. both sides do n