and prices for u.s. crude have jumped to over seventy five dollars a barrel for the first time since twenty fourteen that's after iran's president hassan rouhani suggested oil shipments from neighboring countries could be disrupted if washington forces all of its allies from buying uranium oil saudi arabia pledged to fire up its spare production capacity though and coordinate deliveries with other producers to balance the market opec and. non-o. producers agreed last month to boost output after reducing production last year to ease the global glow. now the white house says the car industry is one area where the e.u. is clearly taking advantage of the u.s. does the trump administration have a point the u.s. today on car imports from the e.u. is two point five percent at the same time the e.u. levies ten percent on imports from the u.s. so there is a big difference there but those figures only tell half the story when it comes to s.u.v.s and pickup trucks the u.s. auto industry's main source of income by the way

a rise in crude means higher gas prices for u.s. drivers. gest sort of ingredient in what you pay at the pump, and rising gas prices could spell political trouble ahead of midterm elections. higher gas bills could cut into gains from tax cuts. >>> trade tensions between the u.s. and the rest of the world. sunday canada slapped new tariffs on u.s. goods in response to the president's metal import tariffs. short trading week on wall street, but two big events, june jobs report on friday and tariffs. the u.s. tariffs on chinese goods take effect, china has vowed to retaliate. >>> tesla finally reaching that production goal for its first mass market car. ceo elon musk set out to make 5,000 model 3 sedans by the end of june per week. reuters said tesla hit that goal. in the early hours of sunday, july 1st, that was close enough for musk. he e-mailed employees, i think we just became a real car company. investors were betting tesla would do it. tesla shares up about 18% over the past month. i guess he spent his 47th birthday on the factory floor, t

prices for u.s. crude have jumped to over seventy five dollars a barrel for the first time since twenty fourteen that's after iran's president hassan rouhani suggested or oil shipments from neighboring countries could be disrupted if washington forces all of its allies by iranian oil saudi arabia pledge to fire up its production capacity and coordinate deliveries with other producers to balance the market opec and non opec producers a great last month to boost output after reducing production last year to ease a global glut. societe generale is buying the equity markets and commodities business of germany's. acquisition still needs regulatory approval and would enable the french institution to expand its operations in europe's largest economy the news comes after speculation germany's biggest the most trouble linda dodge a bank had been considering a merger with comments. let's talk about this with the red bulls in our financial correspondent in frankfurt conrad is this becoming a trend we have seen it wit

u.s. crude inventory data showed a surprise increase in the united states. t's get a bloomberg first word news update. juliette: u.s. president donald trump accepts the conclusion by american intelligence agencies that russia interfered in the presidential election. the retreat over comments made earlier came amid a backlash republicans. even with a prepared statement, he introduced doubt, saying the meddling in the 2016 election could be other people also. there is a need for some clarification. just inlike to clarify case it wasn't. a key sentence in my remarks -- i said the word "would" instead of "wouldn't." should haveence been, i don't understand why it wouldn't be russia. e.u. members are being urged to increase operations for a no-deal brexit. a document will be prepared for a meeting in brussels today. are hopinge rebels to create a customs union within the eu if a deal fails. may will appear before parliament's liaison committee and address a meeting of tory mp's. looks to discuss the negative impact of the ongoing trade war. it is unlikely to be in

crude in the u.s. session both falling by five to 6%. you can see at least for wti catching up a little bit but brent crude falling just a little further. let's have a look at some of the impact there. the japanese yen this is how it has been weakening against the u.s. dollar. not much change to the euro versus the u.s. dollar. is chinese offshore yuan down the most sense devaluation back in 2015. the turkish lira continues to take a pounding as the u.s. dollars climbing to a record against the lira. trading in new zealand is just getting underway. off to a rocky start. aussie dollars are finding a sea of red. let's see how that pans out. let's talk more about trade. that is a big story of the moment. high-level talks between the u.s. and china have ground to a halt as the trump administration threatens to escalate the trade war. we're joined from washington. china and the u.s. have seven weeks to pull back from an all-out trade or. there doesn't seem to be any movement so far. what are the chances we can avoid? of aey are at a bit stando

u.s.-crude import which amounts to about 400,000-barrels of u.s. ay, about a billion dollars a month, already chinese refiner are looking for alternatives to u.s. crude. and let's face it. the u.s. crude industry in china is just beginning, this is just a small part of what u.s. exporters hoped to see as major market for them and obviously this is going to slow things down a bit but at the end to have day, oil commodity and with the global economy consuming near record amounts of crude oil i don't think it'll slow things down that much. >> phil, this is kristina partsinevelos speaking, i know you're speaking positive right now, there have been reports about spare capacity around the globe that's not going to be able to fulfill demand? >> you're absolutely right. that's my biggest concern about the economy. the trade war is secondary. the capacity in the globe is probably at historic low. we really don't have oil in the bullpen to bring down quickly if there's major disruption. today we have a tropical storm in atlantic that's developed and if we los

and prices for u.s. crude have jumped to over seventy five dollars a barrel for the first time in twenty fourteen that's after iran's president hassan rouhani suggested oil shipments from neighboring countries could be disrupted of washington forces all of its allies from buying arabian oil saudi arabia pledged to fire up its spare production capacity and coordinate deliveries with other producers to balance the market opec and non opec producers agreed last month to boost output after reducing production last year to ease a global. that's all for business but brant has the latest on sports and of course the world cup threat to. the world golf on tuesday sweden secured their place in the quarter finals after a narrow one nil victory over switzerland in st petersburg the rb leipzig midfielder mill forsberg scored the game's only goal and it was enough to send this we through in a match marked by sloppiness it was paps fitting into full specs decisive goal came by our deflection. and the ball canning wiki delay

u.s. wti crude price is already lower than the global brent crude price, with increased u.s. production, we can continue this trend, creating lower prices at the pump for montanans. mr. mcnally, i'm particularly interested in how the u.s. can play a larger, more beneficial role in lower oil prices as well as geopolitical trends. many oil-producing countries also tend to be less stable, more volatile, or have ulterior political aims, sometimes adversarial aims. this can cause dramatic shifts in prices, as we saw, as i mentioned early in the '70s, '80s, and even early 2000s. mr. mcnally, do you believe with a more active u.s. production and exporting of oil to our allies, the u.s. can play a stabilizing role in global oil prices? >> senator, thank you for that question. absolutely. the history shows, again, our windfall in natural gas, which is where the shale boom first started, utterly turned around what we were looking at when i was in the white house in 2003, becoming dependent on qatar, becoming as independent on the middle east from our gas as we were from oil. and that c

u.s. senate who are able to lift up the crude oil export ban finally for 1002 in alaska and it would reducesome burdensome and only adding costs and regulations as well as tax reform. although this haall of this hast boost in u.s. oil and gas production, and this is moving us to a very aspirational kind of goal which is largest energy independence but truly global energy dominance. .. >> many of us remember growing up and the 70s and that shocked our world economy to have that insular removal from those shocks because of the significant revolutionary increase as a good thing for the international economic security. this focuses on the global prices and as i look at it it is more of a supply and demand issue. we see a robust economy more americans traveling and spending more money. this leads to more demand the best way to check the rising prices to produce more. the crude price is already lower with increased production we can increase this trend. mr. mcnally i am interested how the u.s. can play a larger and beneficial role of lower oil prices as well as a geopolitical trend many oil produ

u.s. wti crude prices are already lower than the global crude price with increased u.s. production, we can continue this trend leading to lower prices at the pumps for montanans. mr. mcnally, i am particularly interested in how the u.s. can play a larger or beneficial role to lower all prices as well as geopolitical trends, many oil-producing countries also tend to be less stable. more volatile, or have ulterior political aims, sometimes adversarial aims. this can cause dramatic shifts in prices as we saw in the 70s and the 80s and even early 2000. mr. mcnally do you believe that with more active u.s. production and exporting of oil to our allies that the u.s. can play a stabilizing role in global oil prices? >> senator, thank you for that question. absolutely, the history shows the windfall in natural gas which is where the shale boom first started, utterly turned around what we were looking at when i was in the white house in 2003, becoming dependent on qatar. becoming as dependent on the middle east from gas as we were oil. that changed completely to where now. it is

speaker, america is better off because u.s. crude exports have more than doubled since january, 2017, and production is up 12% so far this year alone. since the congress lifted the 40-year ban on oil exports in 2015, u.s. producers now export between 1.5 million and two million barrels of crude every day. lifting the ban has filled pipelines, sparked a surge of investment in new technology and shipping infrastructure around the united states. today, u.s. crude imports have dropped 7.5 million barrels per day as we rely on that increased domestic production and our friends in canada. lifting the ban has allowed us to be in competition with the two highest producing crude oil countries in the world, saudi arabia and russia. according to an international energy agency, this year the united states is expected to surpass saudi arabia and rival russia as the world's leading producer of crude oil. this comes as germany's working with russia on a pipeline that will deliver more than 50 billion cubic meters of natural gas from russia to germa

u.s. crude is up more than 20% this year. that could mean higher ticket prices for you.fares by 4%. american airlines raising prices 1%. >>> a build-a-bear promotion turning into chaos. families across the united states went nuts for the sale. the quote pay your age promotion let's customers pay the current age for the stuffed animals. thousands of customers showed up forcing build-a-bear stores to close due to crowds and safety concerns. however, the families did not walk away empty handed. the stores delivered vouchers to families who could not get in the store. i'm not sure how you can say i'm 7 when you show up. >> build a crowd. >> they did. >>> "early start" continues right now. >>> the president starts his first official trip to uk by slamming the prime minister. president trump says trade deals are in jeopardy because theresa may did not take his advice on brexit. tens of thousands are expected to protest the president's visit and the trump baby is taking to the skies. >>> how many times did you look so innocent in your wife's eye and lie to her about lisa? >> mr

u.s. imports like soybeans, suvs and crude oil. chinese foreign minister says anyone trying to bully via trade is doomed to fail. the chinese ministry of commerce spokesman came out to say, and i quote this, this says the launched the largest trade war in economic history to date. this kind of taxation is a typical trade bullyingism which is seriously jeopardizing the global industrial chain. now this as the u.s. slaps $34 billion worth of chinese goods with tariffs, a 25% tariff. that starts today. $16 billion in goods will be under tariff starting in about two weeks from now. the administration saying that china still has not opened its market to goods, it is still stealing u.s. technology, intellectual property, and they have not reduced or eliminated any of their tariffs. >> the president promised the american people that he would fight for them, that he would fight to make the trade deals fairer and reciprocal, and we're move anything that direction, you know? i mean, he's going to, i think, in the next few months you're going

u.s. crude is up more than 20%.t prices for you with delta boosts fares by 4%. american airlines raises prices 1%. >>> a build-a-bear promotion turning into chaos. michelle, families across the u.s. went nuts for a sale. the pay our age promotion to let customers pay their current age for popular stuffed animals. thousands of customers showed up forcing stores to close with long lines and turn customers away due to crowds and safety concerns. >> this is cruel. >> unusual. >> the families did not walk away empty handed. the stores distributed vouchers for people who waited in line. >>> "early start" continues right now with the latest from the president's visit to the uk. >> the president starts his first official trip to uk by slamming the prime minister. president trump says trade deals are in jeopardy because theresa may did not take his advice on brexit. tens of thousands are expected to protest the president's visit. >>> sparks fly for ten hours as fbi agent peter strzok fends off accusations of bias and members

prices for u.s. crude have jumped to over seventy five dollars a barrel for the first time since twenty four team that's after iran's president hassan rohani suggested oil shipments from neighboring countries could be disrupted it washington forces all of its allies from buying a rainy an oil saudi arabia pledge to fire up its spare production capacity though and coordinate delivery deliveries with other producers to balance the market opec and non opec producers agreed to last month to boost output after reducing production last year to ease a global government. facebook shares dropped over two percent on tuesday following reports of an expanding investigation into the social network's role in the data sharing scandal involving british company cambridge analytic according to the washington post to the widening probe now includes the securities and exchange commission the f.b.i. and the federal trade commission facebook has come under pressure after a whistleblower revealed that british company can bridge

u.s. dollars as crude oil is on the up after a four-year decline. b.p. is hoping to catatch up to rivals that invested in u.s. on-shore shale extraction while it was dealing with 2010's deep water horizon oil disaster. it's still paying back the $65 billllion bill for penalty chars and cleanup cososts. the oil giant called the deal a major step forward. the chief executive said the company was so confident about its prospects that it would increase the dividend paid to shareholders for the first time in more than three years. this is a transformational acquisition. >> world class addition to b.p.'s distictive portfolio. >> b.h.p. will be selling three shale base explortations in the southern united states. the most valuable is eagle ford which already pumps out the equivalentnt of 9090,000 barrel oil per day. the australian mining company y bought the assetets in 2011 1 be prices in the sector fell.. leading to some $20 billion in losses. b.h.p.'s share price jumped over 2% following the annnnouncementf the deal, while b.p.'s dropped by about the same num

u.s. stockpile. saudi arabia also lowering for all crude in the u.s. day after president opec to bring down. mean?that >> it's a threat that iran has with conflicts around iraq. since they've made few efforts it.lose iraq, kuwait, saudi arabia. -- these come through the it's -- there are limited options to buy assets. saudi arabia does have pipelines. hypothetically if it was to be shock to thel be market. it never has been closed. the is putting that on table with a possibility. david: there have been threats in the past. if we've seen taunts though from iran. >> that's right. it's something new. saying that through trump and his tweets, he's the oil driving up price. they asked him to stop. was an interesting -- the part there, trump directly the possibility of iranian supplies being capped come out november. the background of significant option. we've got canada, libya and venezuela. a tight market. oil.arket needs more david: ben, thank you. sharples. i got a quick check of markets. start things off here in sydney. that market continues to provides equity market. that's a market you look at th

secretary of state says they may grant waivers to a handful of countries importing iranian crude ones like. u.s. officials have been meeting with the saudi energy ministry to discuss keeping up supply to avoid volatility trumpet ministration has said it wants to deny iran revenue its previously used to finance terrorism. the us has a problem with keeping up receipts of foreign direct investment the amount of money coming into america from overseas plunged thirty two percent to twenty seventeen compared to the year before and the trade route with beijing is making matters worse and it will attack washington has lashed out of beijing and the world trade organization say china's trade policies are too big for the w t o to tackle. some countries say china is raking in all the benefits of free trade but preventing its partners from enjoying the benefits to be had from asia's largest economy. at a world trade organization conference the chinese delegation try to convince them otherwise. we have significant you know what import tariffs voluntarily and continuously by they aren't off twenty eight seven

u.s. goods including soybeans and crude oil. be watching the potential trade war closely. >>> u.s. stockmarkets were closed yesterday for the independence day holiday, but at the end of tuesday's shortened trading day, the dow jones lost 132 points, the s&p 500 fell by 13 points, and the nasdaq lost 65 points. >>> the world trade organization says trade barriers being imposed by major economies are already starting to affect the world economy. the wto looked at trade restrictions among the g20 nations. g20 countries imposed 39 new tariffs between may of last year and may of this year affecting trade of steel, iron, plastics, and vehicles. >>> netflix is testing a new high-end streaming plan. ultra costs $16.99 a month. it offers four ultra hd streams with more vibrant color reproduction and higher contrast. customer response will determine if netflix decides to make ultra widely available. >>> it's reported that boeing and brazilian plane maker em brayer are in final talks to join foiss. the two plane makers have been discussing

u.s. exports, cars, crude oil, cash crops like soybeans. the farm goods are strategic. counties that voted for president trump. now, the u.s. tariffs are targeting high-tech industries that china has vowed dominate, aerospace robotics, manufacturing, autos. american companies will pay these tariffs when they import the goods. they can absorb the cost or pass it along the consumers. so far the u.s. has avoided slapping tariffs on things consumers buy like shoes and cell

oil price number as you know charles has been moving around china has been threatening tariffs on u.s. cruden oilsands outage in canada, iran is threatening again, so this is it right now $73 hanging in for oil still at a four-year high. charles: especially on the eve of the major driving season so we've got a build that has crude down and i'm sure that's a factor and why the big board has been pulling back. i want to stay on oil and bring in fox news contributor jonathan hoenig, they made a huge move after the opec meeting and the announcement they would increase production. we've got near four-year highs so where do you think it goes from here? >> $100 a barrel, charles. i remember talking with you on f bn boy a decade ago when oil was on its way down back then we used to think of $100 a barrel as a floor. now it seems really like a ceiling lyme an in possibility. i think it's very likely for no other reason than trend and price. charles we've talked about this. trends tend to continue in the market and the price trend in oil has been up even in the face of the president himself tweet ing

u.s. financial restrictions that could make accessing crude oil even more difficult u.s. allies in asia and heaven to consider their close ties with the u.s. against the need for a reliable flow of oil financial experts reuters and bloomberg was civis is quote shipping and industry sources who say asian countries are being swayed by trump's threats the sources report india's oil imports from iran slowed by almost sixteen percent in june some oil refineries in india and in japan have began scouting alternative supply is and september oil cargos from iran to japan could be the last . south korea has already made cuts of thirty percent but iran's a number one customer china is locked in in trade war with the us china sea is it won't comply with u.s. sanctions on iran but others will be looking for a new supply is an opiate reason lucian last month championed by u.s. allies saudi arabia allows oil producing nations to boost production and shoring countries in the middle east at least a ready to make up the iranian oil shortfall which brings us back to iran and its threats to

u.s. exports, cars, crude oil, cash crops like soybeans. the farm goods are strategic. they're hitting state, even counties that voted for president trump. now, the u.s. tariffs are targeting high-tech industries that china has vowed dominate, aerospace robotics, manufacturing, autos. american companies will pay these tariffs when they import the goods. they can absorb the cost or pass it along the consumers. so far the u.s. has avoided slapping tariffs on things consumers buy like shoes and cell phones. if you look at what the president is threatening, they may not do that forever. the president, if he follows through on his trade threats to hit $500 billion in chinese goods. that's what he told reporters yesterday. that's roughly the amount the u.s. imported from china last year. consumers would also be a loser if this continues on, if this grows beyond the $34 billion this week, $16 billion next week. here are the losers -- domestic manufacturers, they pay to import foreign metals. pork producers, soybean growers are affected by retaliatory tariffs. 100 soybean grower

squawk box" live at the delivering alpha conferen conference wti falling again this morning after u.s. crudenventories rose last week defying expectations for a significant reduction. take a look where things stand $67.57 joining us right now, john kylduff is with us again to explain what is going on how much of this are you going to credit -- depends what side you're on too. >> i knew you'd say that. >> so trump tries -- but now you're going to say but it hurts the oil sector it hurts the oil sector when prices go down this is trump's fault. you don't give him credit. >> for those who don't know, what is happening? explain what's happening here. >> first explain first does it really have anything to do with trump? >> for whatever reason, the saudis and russia have gotten together and have decided to relieve the pressure that had built up in the oil market >> you say whatever reason >> if we want to remove the trump factor from it for whatever reason they've decided to put more oil on the market in a lot more fashion and secondly for whatever reason, the parties that were at each other's thr

i wouldn't be surprised to see brent prices around $85, and the u.s. crude80. but it really almost needs to happen in this quarter. we'll get a break after that and then 2019 we start it all again. maria: somebody made the point this weekend that someon one ofe issues is there's so many sanctions all over the world. people are worried the sanctions are cutting back production in lots of oil-generating countries. >> yeah, well, the sanctions in iran in particular are the ones to worry about. if you go back to 2011 to 2014, you had sanctions on iran at the end of that period. that removed more than a million barrels a day of crude from the marketplace. as a country, we paid somewhere between $450 billion and $480 billion for our ga gasoline then. we're on a course this year to pay about $390 billion which is still about $90 billion more than we paid in 2016. so it is expens expensive and pe almost have an internal thermostat as to how much they spent. >> one of the questions i have, is this going to be long-term price increases. we saw before when this happene

u.s. crude inventories hitting our lowest level in more than three years.oining us now, gary ross, head of global oil analytics and chief energy economist at s&p global plat. so give us a quick rundown on why we're here and whether we're likely to stay here and what the most important factors are in being at 70 or wherever we are right now. >> okay. well, we've seen a dramatic drop in inventories over the past year over 200 million barrels >> what caused that? >> that's opec cuts were part of it plus venezuela going down from 2 million barrels a day to 1.3 million barrels a day. big drop in venezuela. the opec cuts were supposed to be 1.8 million barrels a day it turned out to be 2.8 million barrels a day. we've seen inventories come down dramatically we had a big stock draw in june. two-thirds of what drives price is inventory change. so if inventories are going down, it's hard for price not to go up. the other third is driven by the demand for inventory that's everyone who buys and sells oil. you know, what's in their minds? are they comfortable holding i

to the floor, significant amount of bar riles over 5-week stretch, 31 million-barrel decline in u.s. crudesituation oil here in new york harbor where you take delivery on diesel contract, where we are looking at supplies given the norresters that we saw in march and the yields from refineries, stocks at lowest points since 2000, trump outside of ego has two fundamental justifications for release of spr, so iranians ought to trend lightly in this case. dagen: when do you roughly, i think it's a little bit more than that, steven -- >> something like that. dagen: when do you back this would happen? and you have trade tensions with canada and even mÉxico but canada which is a critical supplier of oil into the united states, when do you think the spr release happens? >> well, it's a possibility right there and it's certainly on our radar, at this point of the season and i think your prior guest said that he's not into energy right now, it's a good thought because right now demand has peaked for crude oil. we are at the peak crude oil demand season, in the weeks, months ahead, crude oil will beg

this artery handles a third of all seaborne crude traffic. u.s. central command has even weighed in here, saying they will stand ready to ensure the freedom of navigation. i think that order to shut the strait came from president rouhani. he is considered the moderate in this whole play. it wasn't led by the military and the military liked what they heard, perhaps is the way to build rouhani's credentials back at home as he tries to negotiate today. >>> the reappearance of a deadly nerve agent in the british countryside has residents there on edge. the latest in the poisoning history. you won't see these folks at the post office they have businesses to run they have passions to pursue how do they avoid trips to the post office? stamps.com mail letters ship packages all the amazing services of the post office right on your computer get a 4 week trial plus $100 in extras including postage and a digital scale go to stamps.com/tv and never go to the post office again >>> it's a great shame, and yes i am concerned, but that's not going to stop me doing

u.s. is now growing closer to becoming a net exporter of crude oil and natural gas and is projected to bypass russia and saudi arabia the current global leaders in energy but this dramatic spike in energy production has created a dilemma in the existing pipelines are not equipped to deal with such an influx as there are already operating in full capacity let's take the cost of transporting natural gas by train a cost that's nearly five or six times that of transporting my pipeline as economists kevin gillen explains first of all take train transportation a train is more expensive than transportation by pipeline just to give you some numbers it costs about ten to fifteen dollars a barrel to transport a barrel of natural gas by train and had only five dollars a barrel to transport a pipeline so it cost of transportation by train is two to three times transportation by pipeline the u.s. currently has more than two point six million miles of pipeline that transport more than sixteen billion barrels of crude oil and natural gas through the pipelines annually making it the world's largest network a

expectsster asian american crude output to average 11.8 million barrels a day. if the forecast calls it would make the u.srld's leading crude producer. investors pulled about $280 million from bill gross is bond fund. that's according to bloomberg estimates. it marks the fourth straight month for withdraws. to $1.48ssets down billion. the fun declined 3.6% this year through june. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. guy: commodities have a brewing session -- a bruising session. copper down hard. zinc falling to its lowest in more than a year. the trump ministry should pushing ahead on plans to oppose -- impose more tariffs on chinese goods. moment, the dates is not showing up. let's speak to stuart wallace, still with us. these are big moves. particularly in the metals complex. apart from gold, somewhat disappointingly. people thought that would be a safe haven. it's not doing quite as badly as the others but it's not given you the performance you want. people's concerns about what might happen in the future. nothing on the ground today but this

u.s. financial restrictions that could make accessing crude oil even more difficult u.s.allies in asia and heaven to consider their close ties with the u.s. against the need for a reliable flow of oil financial experts reuters and bloomberg was civis is quote shipping and industry sources who say asian countries are being swayed by trump's thrifts the sources report india's oil imports from iran slowed by almost sixteen percent in june some oil refineries in india and in japan have began scouting alternative supply is and september oil cargos from iran to japan could be the last south korea has already made cuts of thirty percent but iran's a number one customer china is locked in in trade war with the us china says it won't comply with u.s. sanctions on iran but i. others will be looking for a new supply is an opiate resolution last month championed by a u.s. ally saudi arabia allows oil producing nations to boost production ensuring countries in the middle east at least are ready to make up the iranian oil shortfall which brings us back to iran and its threats to block

u.s. sanctions iran hits back by volume to block the straits of hormuz as the rhetoric heats up over a crude what's the cost this is inside story. a welcome to the program. donald trump's nuclear reaction is threatening to turn off the taps in the world's major oil supply the white house is threatening countries which import iranian oil to stop shipments by november or face u.s. sanctions if that happens the iranians are vying to stop all exports from the gulf including from the number one supply of saudi arabia foreign ministers from france germany britain china and russia are expected to meet at radian diplomats on friday in vienna they'll be discussing how to salvage the twenty fifteen iran nuclear deal which trump withdrew from two months ago from al-jazeera as alan fischer at washington. really in president has been a two day visit to switzerland one of the main topics of conversation the u.s. decision to violate the iran nuclear deal by pulling out now the u.s. wants countries to boycott really you know oil as part of stronger international sanctions the president has done rouhani has

part of their response was the fact that they have cut prices for all of their crude types to the u.s top of that, they have cut crude prices for most of their grades going to asia and europe. separately, we have reported that the country is said to a boosted its oil production by happen million barrels a day in june. all signs point to an increase in production that may lead to a potential excess in the oil market in the coming months. that important to note this is not necessarily in direct response to trumps calls for opec to raise production and bring prices down. opec members and its allies have for a while pledged to increase production to counter higher oil prices so, the market has by the expected that there would be a wrap up. kathleen: iran not to take any of this lying down. they threatened to block oil experts. what would blocking the strait do? lynn: a threat like that should carry some heavyweight. pants down, that waterway is the most important waterway to the global trade of oil. i want to say that about 18 million, almost 18 million barrels a day is traveling through

u.s. financial restrictions that could make accessing crude oil even more difficult u.s. allies in asia having to consider their close ties with the u.s. against the need for a reliable flow of oil financial experts reuters and bloomberg was civis is quote shipping and industry sources who say asian countries are being swayed by trump's thrifts the sources report india's oil imports from iran slowed by almost sixteen percent in june some oil refineries in india and in japan have began scouting alternative supply is and september oil cargos from iran to japan could be the last . south korea has already made cuts of thirty percent but iran's a number one customer china is locked in in trade war with the us china says it won't comply with u.s. sanctions on iran but others will be looking for a new supplier is an opiate grizzle lucian last month championed by u.s. allies saudi arabia allows oil producing nations to boost production and sure in countries in the middle east at least are ready to make up the iranian oil shortfall which brings us back to iran and its threats to b

u.s. financial restrictions that could make accessing crude oil even more difficult u.s. allies in asia and heaven to consider their close ties with the us against the need for a reliable flow of oil financial experts reuters and bloomberg was civis is quote shipping and industry sources who say asian countries are being swayed by trump's thrifts the sources report india's oil imports from iran slowed by almost sixteen percent in june some oil refineries in india and in japan have began scouting alternative supply is and september oil cargos from iran to japan could be the last south korea has already made cuts of thirty percent but iran's a number one customer china is locked in in its trade war with the us china says it won't comply with u.s. sanctions on iran but i. others will be looking for a new supply is an opiate reason lucian last month championed by u.s. allies saudi arabia allows oil producing nations to boost production ensuring countries in the middle east at least a ready to make up the iranian oil shortfall which brings us back to iran and its threats to bl

u.s. dollars. they all use crude oil. we have an effective monopoly on settlement there. it dealt with the problem involved in gold. and prevented hoarding because the oil is not recorded. they continue to they continue to petroleum reserves. in the background of that. what creates the stability of money in crypto currency we use the word for everything. this is what the sec is trying to regulate. we had established that numerous of these commodities are there. not quite there that there is currencies. there is a big gap between how much is this in bit coin. that is the question i would like the panel to explore. the nature of money in the crypto currency. what would make the crypto currency there. how do you move forward with that. i like the sound of that one. if were talking about a medium of exchange. we either head a currency or a substitute for money. what is the medium of exchange. in my whole point is that people should be allowed to use whatever medium of exchange and they want to use. the fact that many people think that the fed is great and fine. we should just

u.s. auto -- dollar index. it is still trading around 94.60. crudel continue gains since we saw a massive drop down for another week in inventories, 69.20 one for a barrel of wti. the 2-10 curve is down to 27 basis points. i thought i would pull up the mexican peso because it is strengthening, not necessarily tariff or nafta related, more possibly to do with the political situation. let's take a look at global macro movers, i chose top markets. many are in europe but you are seeing the brazilian divest a up due to gains in commodity prices. brent and wti are higher, as well as copper. the commodity index up three quarters of 1%. there is lots going on from a drought and potential tariffs impacting prices. caroline: the dax up a percentage point, dragged lower by deutsche bank. the ceo has cut jobs, reduced , and and build capital four months later he is already talking about expanding again. matt miller spoke with him in an exclusive interview. look at the headwinds we had in the second quarter, if i look at the material transformation which we did,