so, if the u.a.e. does not sign up, you say there will not in agreement.oes this need potentially we could see an exit by the united arab emirates? >> what is peculiar for all of us is why they don't. they never brought --. they never -- on an issue like this ever since. why now? it is an extension of another 8 months. there is a solid logic to explain and as it has been accepted by everybody. haidi: that was the saudi energy minister speaking exclusively with bloomberg's annmarie hordern. we will be hearing from the u.a.e.'s energy minister as well in the next half-hour. meantime, let's get over to juliette saly who has our first word headlines. juliette: tokyo olympics organizers are reported to be leaning towards borrowing spectators from events held in large pennies such as soccer and baseball. they will consider the plan to contain covid-19. the report says families may also be barred from the opening and closing ceremonies. 49 philippine soldiers survived a crash of a plane. it was carrying 96 people when it exploded after crashing. 42 army soldiers

the indictment says barrack successfully added u.a.e.- friendly language to trump's speeches. >> we'll work with our gulf allies to develop a positive energy relationship -- >> reporter: after that address in 2016, barrack's main u.a.e. contact, who was also indicted, e-mailed him to say "amazing, congrats on the great job today." barrack joins a long list of indicted trump associates including most recently allan, weisselberg, the former c.f.o. of the trump organization. barrack said he's not guilty and made himself vornl taylor available to investigators from the outset, he said. the presidential inaugural committee he led is still under investigation for allegedly misusing charitable funds. >> o'donnell: some stunning news today. nancy cordes, thank you. and tonight more than a million acres of the west is in flames. several major wildfires are sweeping across 13 states is. satellite images show how one fire scarred a tremendous area near sacramento and smoke drifted all the way across the country. here's cbs's jonathan vigliotti. >> reporter: fanned by high winds, dray california's

there is political angst between saudi and the u.a.e. the uae is using oil as an excuse.hink of what differentiates the uae to saudi -- yemen, israel, trade, this is a deeper, political narrative in the play, dani. dani: for two countries that were seen drawing up plans for a political union a few years ago that did not come to fruition, if you can't agree to something as simple as pandemic response, what does that mean for the rest of the situation? what does that mean for asset prices that are so dependent on what comes out of the middle east? manus: yes, let's have a look at the board. dani: as we have been discussing, the price of brent higher, over $77 a barrel throughout the rest of the morning, people are going to be asking and we are going to be asking, what is the impact on a variety of asset classes? small caps are outperforming premarket. is that the cyclical trade back on, perhaps with inflation coming back? futures lower by 0.2%. the u.s. cash trade set to open again after the july 4 and july 5 holiday. u.s. 10-year yields higher by two bps. is this the impac

you look at the chinese and the growing relationship with the chinese with saudi arabia, with the u.a.e., with egypt, with a number of other states in the region, with israel, how should the u.s. position itself in order to insure that people continue to see that the democratic -- the democratic identity of the united states is perceived as being the most favorable, most positive relationship and structure for government? congressman malinos -- malinoowski: i agree with that. and the chinese and to some extent the russians but particularly the chinese government is actively promoting its model and -- and -- and increasingly brazen in its own forms of extraterritorial application of that model. we saw what they did to hong kong. number one, if you're a chinese american in the united states using, you know, one of the chat services, your communications are monitored and censored by the chinese communist party even in the united states. the manner in which they're using this belton road initiative to entangible developing countries through debt relationships should be very, very troubling,

now we have the news that the u.a.e. stepped up, does not want to abide, does not want to play by what is proposed by saudi arabia and russia and now there is the fear we'll get production or excuse me a price war the u.a.e. wants to monetize as they said in their words, billions of dollars they invested in their infrastructure over the last number of years. there is that sticking point now and there is that fear, and oil prices come off significantly now over the last few days. there is this fear we will get a significant amount of supply. at a time, neil, at the end of the summer when we already passed peak demand. our modeling here, probable modeling gives 70% chance that oil prices will range between $78 and $68 through the end of the month. that does trend late into about another 10 cents when you look at the historical correlation between crude oil prices and gasoline at the pump so this could potentially bring gasoline prices by the end of the summer 3.20, $3.30 range, yes it is expensive, neil. adjusted for infla

first the saudi arabia u.a.e. risk that left the meeting at an impasse.ssia fallout of march 2020 where the alliance completely fell apart and that caused concern for investors. having said that i don't think that is exactly the same. despite the differences this is a much more cohesive group than in the past. charles: so in other words, okay, go. >> i was going to say, we're seeing a little bit of spike in the dollar and coupled with falling yields. some inflation hedges are having to be unwound. and third we have shale producers locking in hedges for next year on that squeeze we saw on monday. charles: okay. so could $100 a barrel though still be in the cards? >> it is on my raid -- radar, that said not until 2022. i think the move likely will be brief. i don't think it is sustainable at that level but of course oil market fundamentals are very fluid so -- charles: right. >> always something to keep an eye out but 2022 is where i would see that kind of a move. charles: we've got the government inventory data coming out tomorrow. normally comes out on we

defendant is charged with acting under the direction or control of the most senior leaders of the u.a.ef years. for semen anyone who may dismis, why is this important on a national security front? >> poppy, it threatens our national security. it's not necessarily illegal to lobby on behalf of a foreign country, but it is illegal to do that in secret without registering. you have to register with the justice department. the fact that barrack didn't do that was very close to the president and in position to and actually did influence our national policy, our foreign policy, if we don't know that, that's what a secret agent is. that's a threat to our national security. >> a gun for hire, right? you're representing another country's interests for money. we've seen this with other members of trump's circle, right, not registering. one of the charges here is something else we've seen with members of his circle and that is obstruction of justice, specifically false statements to the fbi. why do you think that's potentially more significant than the, than the foreign agent registration charges?

saudi arabia, the u.a.e. and others.e're doing everything we can to keep the price of gas low. that's why the president also a red line for him was no gas taxes for the american people in these infrastructure negotiations. but the opec discussions happening on the international level are going to have an impact and we're engaged in actors who are involved in those discussions as we speak. >> if i can, i want to ask you can about sha'carri richardson one more time. when she was prohibited from running the 100 meter dash said the rules were the rules. she failed the drug test, admitted to using marijuana and that's why she was not able to unare the 100 meters. we learned overnight she is not running the relay. the u.s. track and field could have included her in the relay. i'm wondering if the president or you for that matter have an opinion on that. doesn't that stink? >> it does stink, john. i don't think there is a better definition of it. she is someone as an olympic obsessed person myself, i know the president watches

that suggested maybe a resolution the saudis and the u.a.e.lve their differences. we have seen yields on the 10-year come back. what difference does that make to investment strategy in this asset and other asset classes? u.s. futures flat this hour. european equity markets up .4%. the ftse up .5%. we have modest gains coming through for european equity markets this morning. investors are looking ahead to the fed. fed minutes out later on today. that will give us an indication when the central bank may begin tapering. our guest joins thus morning. let's get a sense where he sees the second half of this going. very good to see you. not far from all-team highs on global equity markets. we have a sense of nervousness. we seem to be preoccupied with concerns around growth and concern t'wolves delta variant of coronavirus. how do you see the second half of the year panning out? >> good morning, anna. nice to be with you. the second half, i would say the second half driven on one side by corona and the other side by what the government is doing, ther

take 10 million barrels off of the market they set the benchmark back to 2018 but in the meantime the u.a.e. said that number is not fair. our production was abormally low at this time. they want to raise the benchmark to the beginning of the pandemic in 2020 and they're saying no. saudi arabia is saying no. so right now this could go either way, neil. if we don't get the production from opec it could mean prices are going sharply higher. we're going to see gasoline prices maybe go to 3.50 or $4 a gallon if they don't get their act together. other it could go the other way the opec plus cartel blows up and get into a production war and flood the market with oil and bring prices back down. the reason why oil prices pulled back a little bit because russia basically came out and said, hey, guys no agreement on raising production is unacceptable. you have to get agreement. so there is an expectation they will try to get their act together to come to some type of an agreement. if they don't, and they keep production levels where they are, we'll probably see a two million barrel-a-day production