brent trading lower, wti trading lower. wti still below $60 a barrel. brent at $63.a year for brent and wti. here are some of the most important events we will be watching in the week ahead. the japanese election on sunday, the fomc meets on tuesday, and the first round of the greek elections on the 17th. plenty to discuss. ♪ >> a barrel below 60. the international energy agency releases its outlook. we are about to talk to mark mobius to get his take. that is an exclusive interview. >> uber speed bumps. the mobile app faces yet another challenge today in france. >> yep. >> we will talk to the head of the company in europe. >> gucci top executives will step down as kering looks to revive growth.

wti and $66.76 just under $67ed for brent crude.re saying while they did see some technical buying today, and certainly they're in this mode of buying on the dip, they think down side pressure exists. so another $8 on wti really not that far away. we could potentially see it by january. as a matter of fact, jim's trade on the down side for crude oil, he has a target of $61.50. 10 on so once we start breaking through the levels, that's when the selling pressure really starts to mount and that's when momentum takes us lower. but again a lot of volatility and traders are expecting that to continue. back to you. >>> well, they have been winners for week. but the airlines stocks are hitting some excuse us major turbulence in the markets. time to buy or time to fly? >> excuse brian. well, stocks staging a bit of a comeback thanks in part to a big tech turn around. we'll all over the market. nasdaq up by 7 points. we needed 30 new hires for our call center. i'm spending too much time hiring and not enough time in my kitchen. [ female annou

but yesterday, wti crude settling up 4.3% at $69. its best one-day gain since 2012. do you think this is a nap back or the start of roadway bound? >> if we needed an indication of the long-term effects of oil produces, we had it 15 minutes ago when the russian economy minister came out and lowered its forecast from 1.2% growth to 0.8% contraction. they cited oil as the biggest reason and that highlighting how big of an impact this has on oil producing countries. >>> so many times experts say there are countries so dependent on the price of oil, it could have an impact on the global economy. let's take a look at futures and how they're trading on wall street. the dow jones industrial up about 50 points and the nasdaq, which was the underperformer yesterday due to a sell-off in tech stocks up about 13 points in premarket. let's take a look at the ftse cnbc global 300 index. right now, it's up about 9 points or 0.14%. we were telling but the rally. diving into the european markets, again yesterday, that pmi data came in lower than expected. bur today, a little bit of a

they've cut their wti forecast from 69. they've cut their 2016 outlook from $82 to $80. that is from commerce bank. their oil price next year. >> hong kong police had the gun to clear out pro democracy protesters from the area they had been occupying for more than two months. eunice yoon is live in beijing with the latest. how are authorities responding to this? >> well, so far what we're seeing in the chinese press are several headlines that are along the lines of the people of hong kong have spoken. these protests have had. they have been been in place now for two months. they've had a protracted impact on the economy and overall society. we heard from a government spokesperson, as well, who said china as well as hong kong authorities have the legal right. for the most part today, we did see the chinese authorities really down playing this event, trying to illustrate it as insignificant, and it's not necessarily surprising when you consider the hong kong protests are the biggest challenge to the beijing authorities. the two have been at odds. there is a right for hong

wti could see $50s.today because of the sell-off in equities and concerns over what we are seeing in europe. back to you. >> thank you. 15 days to go till christmas. heat is on for the video gaming industry. grand theft auto, playstation four and xbox are expected to be top sellers. joining us is the ceo of take two interinactive. good morning. >> good morning. >> straus zelnick. >> black friday which people had concerns about seemed to be dispop portional a dispop -- disproportionally good for our industry. >> do you discount? >> there is no reason to discount when things are selling this well. >> what do you do to turn a $60 sale to a $90 sale? pieces of content have become available 30 days after, 60 days out. with borderland it's ten pieces of content over 18 months. where is that taking you? >> it's transforming the industry. what we used to have in our business was big, chunky releases. then some time elapsed, 12 months, 24 months, perhaps more. it was our job to keep bringing back those titles. th

wti dropped 11 pshs percent this week alone. do stay with us. [laughs] when we're having this much fun, why quit? and bounty has no quit in it either. watch how one sheet of bounty keeps working, while their two sheets, just quit. bounty, the no-quit picker-upper. >>> we like it when you tune in every day. monday's a special day. >>> aisl for bill. what will it do to the bond market like we know it? surged the last few years another story. tune in monday. not watching now, you won't know this. >> we will be watching on monday, though. won't we? >>> and continuing to fall, down two pennies overnight. aaa says the current average for a gallon of regular stands at $3.60 even. that is, folks, 65 cents lower than a year ago. that's what we were paying a year ago. last year's price, $3.25 and sitting on the lowest level since december 2009. goes back a fair way and by the way, this now marks 78 straight days, straight days, brian, of declines at the pump. >> hmm. good news. thank you very much, mandy. >>> all right. the second appetizer, get another c

in fact, speaking of oil, brent and wti are both trading higher in today's trade after a resider's report showed a bigger than expected fall in u.s. stockpile. take a look at your screen. brent crude trading at 70.95. nymex krup up 0.8%. t. boone pickens is predicting oil will return to the $100 level in the next 12 to 18 months. up next, the billionaire investor says he expects opec to eventually cut production possibly in the first half of next year. listen in. >> we've increased production. a million barrels a year for the last three years. and that is remarkable, no place else in the world has that happened. so subsequently, i think you're going to probably see opec do something in the first quarter of next year as far as cutting production. but i'm not so sure how much they have to cut to get to where i said you would be in 12 to 18 months. you'll be back at $100 a barrel. >> amid signs of division in saudi arabia. the country could cut output if other nonopec countries, including russia, also took part in a reduction. we're joined now by simon evans, head of emerging markets researc

both brent and wti down by more than 3%. leading many of the major averages lower because of that.e deangelis is at the nymex with more on that. over to you. >> hi. good morning to you. that's right. we're seeing five-year lows in wti and brent and aaa is saying five-year lows for gasoline prices, retail gas prices that is, are just around the corner. it could be days. looking for a 6 cents drop it meet the milestone. aa has the average at $2.67 right now. a couple notes if we fall like this these will be the lowest gas prices since the height of the great recession and yes, seasonally we see prices drop this year but nothing like what we've seen this year because of the declines in crude. if they continue, you could see retail gas prices at $2.50 by the end of this year alone. a lot of good news for consumers. maybe they'll take that money and spend it elsewhere. back to you. >> thanks a lot. jackie deangelis. >>> apple upped by citi this morning. senior analyst jim sueva says there are things missing from consensus and joins us from 30 rock. good to have you again. >> good to see

wti crude, $55 a barrel. has been the price today. any moment now wti crude. or maybe not. also got hit big time today with a decline of 9% on this expectation that the weather is warmer than had been earlier forecast and one one other thing to tell you about, facebook hit an all-time today. the market cap for facebook $270 billion. >> isn't this amazing? >> unbelievable. david and jonathan murray. switched places. didn't think i would notice. >> testing you. >> nothing is lost on you. >> would you buy a facebook at these levels here? >> it is a great example of how you don't know what the next facebook is going to be or google will be. the best way to own those kinds of companies in my opinion is through a mutual fund where you have a person at the helm to pick them. >> yeah. these guys are industry analysts, experts. they know ahead of time what the big institutions are thinking and doing. too much of a dice roll for most people. >> best investment idea for 2015 from the murray brothers? >> have a plan. have a plan. we don't plan enough and now's a perfect time, bill, at

wti?ompanies dohe oil that viability on sake $80. -- on say $80. >> i spent some time with larry think and asked him what is the safest big deal -- biggest concern for 2015. what is your biggest concern for 2016? >> we are such and emerging-market specialist. >> but emerging markets are not monolithic. there are different. >> it is. but taken generally. i think i like the sentiment for emerging markets improving. for would be the best thing us. >> what is your favorite emerging-market right now? is indonesia, malaysia, thailand. those three. malaysia probably because it has had the biggest hit because of oil. >> wonderful to see you here. thank you very much. safe travels back home and happy holidays. he oversees 550 billion dollars. coming up, he has won more than 80 convictions for insider trading but an appeals court says he went a step too far. plus, the biggest peer-to-peer lender. the ceo of the lending club just raised $873. ♪ >> he just got a whole lot higher -- harder for prosecut

and then there's wti crude trading at a five-year low. brent crude, same deal here at $55 a barrel. >> thanks, seema. >>> now, the fed is proposing tougher capital requirements for banks. the banks would need to hold more capital to ensure they don't rely too much on risky debt. the rules are toucher. fed vice chair stanley fischer accidentally let go at the public meeting jpmorgan is the only bank facing a capital shortfall. jp spokesperson says the well is well capitalized. it's a little embarrassing that the results of the test has come out early, but the response in the share price shows it's not been taken that seriously, down only about 0.5% in after hours trade. so i think the bigger question here is whether banks want to be as big and clunky as jpmorgan. because it means they do fall fall of the most string yept part of bank regulations. >> and did they become too big to fail? that's one of the phrases coined around the financial crisis. jpmorgan, muck other banks, have done pretty well so far this year. the s&p 500 financial inde

as you mention, wti is trading below $60 per barrel. the depth of the decline is kind of incredible. >> it is. >> have to wonder -- you have to wonder, yes, you have these iea forecasts, but what would cause it to go lower? where is the floor? >> thank you so much, julie hyman, our senior markets correspondent, on oil and iea forecasts. big banks get a slap on the wrist for how they gained business. we will hear from one of the top executives at finra, the financial regulator. and why china's biggest search engine is taking a stake in a now controversial car sharing service. ♪ >> some pretty incredible news out of wall street. including j.p. morgan, goldman sachs, and citigroup, have been fined $43.5 million for promising favorable research just to gain banking business, which all stem from a case involving toys 'r' us' years ago. five e-mails discovered in the case are pretty incriminating. one said, "i so want the bank to get this deal." another analyst said, "i would crawl on broken glass, dragging my exposed junk to get this deal."

wti which was just down here.ide that caused the selloff in the stock market and kept going especially in the afternoon session and now $55.20. lows we haven't seen since may of 2009. decline of 4.5% on top of everything else that's going lower. volatility, the vix, going higher again. and today -- >> look how weird that is. >> you're right, bob. this is a straight day. now down a fraction at this point. after spikes earlier on. >> expiration going on this week and i think something strange going on. >> a technical bit of trading? >> that's my story and sticking to it. >> a weird chart. >> 1992 or thereabouts. drawing a big line on that? or a fine point? >> that's what i would like to see us break above. i don't see us going near 2000 today but that's a level to watch for tomorrow. >> so if we go below 1992, the next stop is 1995? >> and 1978 as a significant level. >> it is possible if oil keeps going low, won't that happen? >> take a look at oil. showed that chart. >> supply chasing demand and going on for quite

wti still below 60 at 58.2.rent is at 62.5 up 1% today after last week's sharp declines. >>> opec has said that it will leave crude unchanged even if the oil price continues to drop for the united arab emirates and the group will keep the target of 30 million barrels per day unchanged if oil prices fall to as low as $40 per barrel. the secretary general defended the group's decision to main taint output levels and added that the group has not yet set a target for oil prices. joining us to discuss more on the markets is michael gerka, thank you for joining us. i want to kick off with the last week the worst for equities. if that's because of weak oil prices, surely that's a buying price for the market index. >> absolutely. i was looking at a longer-term chart, something dated more than three or four years down the road, but i've really put a lot of note here into this current 100-day moving average in the s&p. we are far away enough from the market right now to look as a great opportunity to start scaling in some

costal refiners i don't think that will be lifted. >> what is your forecast for the average price of wti? >> i think we're looking somewhere around where we are right now. we could be looking at the dissolution of a cartel. >> a dissolution of opec? okay. >> tom, thank you. in a world where we have oil trading on average low 60s what then becomes your trade for next year? next year. >> i think you have to keep the same theme. those are all your shorts. i get you would still buy the alternative, the airlines, because that's still a at a timewinter. retailers will have unity tailwin, because the costs of good are actually -- >> i think all these -- >> and look at spirit airlines. here's a stock with -- on the -- traded down about $54, so this move over the last couple days, we've seen a 50% correction of that range, so right here at $69, give yourself a tight stop. >> now to adobe trading higher. courtney reagan has the details. >> that's right, melissa. it happened after hours, moving higher to the photoshop maker posting better than expected fourth quarter results, helped by higher subsc

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that implies we see wti in the 50s. >> that's a great point.ou very much for sticking around. tim seymour, appreciate your time, as well. coming up with the rest of the "fast money" crew at 5:00 and asking dennis gartman is bottom is near. that's all at 5:00. now dominic chu for a quick market flash. >> kelly, we are watching sharyls of mcgraw-hill financial. the stock moved lower at the end of regular trading on a bloomberg report that the s.e.c. is said to be seeking to possibly suspend the s&p bond ratings unit from rating commercial mortgage-backed securities. again, they did receive the company s&p financial a wells notice earlier this summer regarding possible ratings and disclosures made about different cmbs deals in 2011 but still again a bloomberg report saying that s&p may, again, the government may look to suspend s&p from rating commercial mortgage-ratings backed securities and the shares down as much as 4% in regular trading and 2% to close the day out. back over to you. >> a space to watch. thank you. >>> the age-old question, whi

i think wti around $60, that's important.so getting some of the shale oil producers cutting the drilling applications so somewhere close to here you have a bottom in oil. what that means for the u.s. stock market, i'm not sure yet because the logic has been this is a great tax cut. everybody's going to spend money. what happens if oil goes up now? is it a tax increase? i'm less bullish on the u.s. stock market. >> and we should also mention, stephanie, while we focus on the wti benchmark price here for the u.s., there are pockets like pockets in the bakken producing below that price and brent fell through the $65 level and the questions that raises about everything from geopolitics next year to the balance of trade here for this country and others becomes the overarching question and bottoming here for 2015. >> well, sure. i think it is hard to call a bottom in any commodity and if brian is right, god bless you. i think that's fabulous. for you to be involved in the energy stocks at this point, you kind of take a little bit o

wti is up by 40 cents only sitting at 58.21. last week' 13% decline in oil prices sent waves throughout the global markets in the last five trading sessions. the yield on the ten-year t-note posted the biggest weekly decline in terms of a drop in terms of basis points since june of 2012. >>> and the dow dropped almost 4% over the course of the week. that was the worst week since november of 2011. we've been watching the equity futures this morning that look to be bouncing back, at least in early trading. you can check it out at this point, triple-digit gains for the dow futures up by 102 points. the s&p 500 up by 11 points and the nasdaq up by 27. >>> the market is clearly not concerned at this point about the situation that is developing in australia with a major hostage situation in the heart of sydney, australia. matt taylor is joining us from there with the very latest. matt? >> reporter: hi, michelle. just over 12 hours since the gunman went into the lindt cafe in martin place in sydney right in the heart of downtown sydney

wti crude down about 40% since hitting its highs in june of this year. june 20. what that has led to is 60% of stocks in the s&p 500 that are part of the energy sector are now down by at least 30%. if you look at this, 86% of stocks in the s&p 500 energy sector are down over 10% in the last month. what does this all mean in terms of the dollar value shaved off of energy stocks? take a look at this. s&p capital iq has crunched the numbers and said basically at the end of last quarter the energy sector had about 1.69, $1.7 trillion worth of market value. now as of friday's close about $1.43 trillion meaning that just this quarter we have seen the s&p 500 energy sector lose about $265 billion in market value. >> that is a stunning number. that is bigger than the market values of an awful -- >> many of these companies. >> by a long shot. >> makes you wonder whether now is the time to start nibbling. >> a lot of smart people trying to figure that out right now. >>> to housing now and home builder sentiment taking a dip. live in washington, d.c. what is behind it? >> a

>> looks like a settle for wti of $63 just around 15 cents.er 63 for the first time since june -- pardon me, july of 2009. very significant there. traders saying if we close under 63 that would add a lot of pressure to the down side. flirting with the 63 level is pretty significant. we are looking at brent crude around 66.20. near $3 slides in both commodities today. we have a weaker dollar but there is fear about dollar strength longer term. what saudi arabia said about oil stabilizing that is trickling and weighing on the markets. part of this is technical pressure. when you hit five-year lows and break through them the market wants to go lower. the flip side is there is good news for consumers. aaa saying it thinks we will hit five year lows. we are at $2.67 for the average. some saying we can see $2.50 before the end of the year. >>> why goldman sachs says it is time to bet big on burrito bowls. >>> lows of the dow down about 118 points sitting at 17,840. dow 18,000 is not on the cards for today. >>> in every market there are sellers and b

we could see wti with a 50 something handle.e looking at wti flat and a loss of brent at about 1%. >> thank you very much jackie deangelis. >>> big drop in oil prices must be bad news for environmentalists who want to get the u.s. off oil. it is hard to get people to invest in solar and wind and gas is $2 and change per gallon. joining us is bob deans from the defense council. thank you for joining us. how do you see this from the environmental perspective? >> i think most americans have gotten used to these kinds of cycles. oil prices go up and down and back up again. what it means always is that american families, workers, our whole economy is held hostage to global market conditions we can't control or predict. that is why eight american presidents going back to richard nixon have called on us as a nation to reduce our reliance on oil, to break this costly addiction to oil. let's invest in efficientancies so we can do more with less waste. let's make workers more competitive. let's get more power from the wind and the sun. le

if you take a look at where wti is, 64.66. lower prices than what we've been used to over the last several years. in the bond market, the ten-year note is yielding 2.13%. earlier this week, it was flirting with falling below 2% essentially. right now, 2.213%. check out currency markets. right now, looks like the dollar is up against the yen. it's up against the euro, too, which is at 1.2257. it is down against the ruble. and i suppose that's good news for anybody looking for more stability coming out of that. still, the ruble sitting at 60 to the dollar right now. gold prices? 1,197.$1,197.20 an ounce. >> among the other stories we're watching this morning, we've got some fed speak coming out of this case, chicago fed president charlie evans. and also lacker, his richmond counterpart, both set to give addresses today and in earnings news we're going to hear from blackberry and car max before the bell. in washington, president obama is set to depart for hawaii on a holiday break. first, though, he will hold a news conference at

a decline of 1.42, 54.49 for wti. again, this is after the russian bank moved to raise interest rates to 17%. that was an increase of 650 basis points. briefly, it helped the ruble before kind of losing all power. the oil traded one out on this. >> if the thai baut with almost end the world, what is what can happen if it totally gets out of hand? and yesterday in our market, i figure we had 1% move. markets can move 2% and 3%, up 2%, down 3%, up 3%, down 3%. >> it's been known to do that. volatility. >> but 1% is not really where we think it is, but it isn't. but think about if we do 2% and the% moves up and down. >> that will get your attention. what's 3% of 17,000? 500 points. and what happened to santa claus smp. >> santa claus may have come early this year. >> it's only december 15th. >> you saw the ten-year trading just above 2% this morning. somebody has been calling that. >> you remember how universal the belief was that we always rally into the end of the year, too. >> right. >> whose mike is that? >> is it mi

wti and international brent.tial big winners and losers in 2015 from those low oil prices. >> and how big a problem does russian president vladimir putin have because of the falling ruble? that's a story sara's all over and michelle caruso-cabrera, as well. no. it's called grid iq. the 4:51 is leaving at 4:51. ♪ they cut the power. it'll fix itself. power's back on. quick thinking traffic lights and self correcting power grids make the world predictable. thrillingly predictable. can it make a dentist when my teeth are ready? can it track my crew's performance, and protect their heads? can it tell the flight attendant to please not wake me this time? at cognizant, we see opportunities for every company. to meet the new digital demands of their customers. can it process my insurance claim? like, right now? can it download a track while i'm sampling it? can my keys find me? with the power of digital, analytics and automation, now every little "thing" can provide even greater value. ok, so can it tell the doctor how

in 2008, benchmark crude west texas intermediate or wti sold for a premium of $2.73, a premium higherthan brent that comes from the north sea. in 2014, through october, wti has been trading at a discount of over $6 a barrel to brent crude oil. eia's latest short-term energy forecast recent trend in u.s. petroleum markets will continue into 2015 with domestic crude oil production averaging 9.4 million barrels a day, 10% above the 2014 level. gasoline demand and net imports as a share of domesticic does me tick may decline. but more so i think in the longer term than the very short term. petroleum market conditions today are very different than they were in the 1970s when the ban on crude oil exports was enacted. key trends in u.s. oil markets have reversed. then demand was rising rapidly and production was falling. now production is falling rapidly and demand is falling. u.s. crude production may soon hit an all-time high sur centering papassing the previous record set in 1970. gasoline demand is down from its peak and likely to decline even more as the vehicle fleet becomes more effic

wti is at 53.28, down 1.5%.la is confirming the country fell into recession this year with the economy shrinking in all of the first three quarters of the year. the government blames political opponents who protested for several months for damaging the economy. >>> saudi state tv has reported the king has been admitted to the hospital. the 90 years has long suffered from poor health. the stock index has split further back on the news. >>> still to come on the show, we'll be talking forex with our next expert who is feeling optimistic about the new year. he sees 2015 kicking off with a roll. >>> and as we head to the end of the year, we spoke to shark tank's costart damon john and asked him what he's wishing for in 2015. >> my wish list for 2015, more green technology. i want want financial intelligent in schools for kids to learn at an early age. and kevin o'leary needs to stop offering royalty deals. the all new, head turning cadillac ats coupe. it's irresistible. ♪ >>> welcome back. and it looks like we're goi

wti down for the week. look at natural gas managing to close out the session just a hair above $3 per btu. traders saying without any significant call the lairishness will continue. >>> time for something we do every day at this time. i'm joined by meg terrell. i kind of like that, it hurt my neck looking up all the time. >> b riley as a buy. >> this is a content delivery network. says the online availability of "the interview" should be beneficial as x box live is a customer. they say it is not possible to estimate the potential benefit but should contribute to their fourth quarter on top of larger trends in online video. >> next up something i am more familiar with. g gilead sciences. >> we threw this in as a gift to you. >> the analyst note after pullback the company should repurchase shares and thinks it would make sense. perhaps launch a new $5 billion to $10 billion buyback. anything to add at the moment? >> they are rebounding after the express scripts. >> so report from the korea times says a unit o

we are looking at wti and brent. wti trading at 63 and change. brent 66 and change.f traders telling me they do not want to be caught here trying to call a bottom because the momentum now that we have hit technical levels is to the down side. this could get pretty ugly. morgan stanley saying it is bringing the target down to 70 for 2014. you are absolutely right to point to the dollar, too. back to you. >> thank you very much. >>> the nasdaq took a dive just a few minutes ago. art cashin putting in his note that it kind of fell off a cliff. let's goto bertha coombs. >> you look at some of the usual suspects often the most volatile. when it is time to sell people hit the sell button. go pro now off 6.25%. tesla, netflix, these are names that when there is a sell off get hit hard and are leading the way down. apple is the big one with its massive market cap and despite the fact that we are seeing analysts continue to be bullish about their prospects as we go into the holiday season for iphone sales it is getting hit hard and responsible for about 15 points. bio techs c

the price of oil has come precariously close to $59 on wti. that's a five-year low

wti has been trading a discount over 6,000 a barrel.stic crude oil production averaging 9.4 million barrels a day, 10% above the 2014 level. gasoline demand and net imports as a share of domestic consumption could be 21%, as recent dramatic declines in crude prices may affect our outlook. but more so in the longer term rather than in the very short term. so petroleum market conditions today are very different than they were in the '70s when the ban on crude oil exports was enacted. key trends in u.s. oil markets have reversed. then demand was rising quickly and production was falling. now, production is rising quickly and demand is falling. u.s. crude oil production pay soon hit an all-time high, surpassing the previous record set in 1970. gasoline is down from its peak and is likely to climb even more as the vehicle fleet becomes more efficient. in addition to this trend reversal, oil production is less concentrated. opec is down from 35% today. the existence of oil contracts on the futures markets, the development of bench mark crude

down almost 3% for wti crude. u.s.> it's worth pointing out that since we got that great employment report a week ago. since thursday night the market down about 2 and a half percent. so despite the strong growth t potential for dislocation is clearly unnerving people. >> good morning. it is 8:00 at uber in san francisco. 11:00 a.m. here on wall street. "squawk alley" is live. >>> welcome too "squawk alley." joining us mr. wonderful, kevin o'leary, chairman of the o'leary funds, investor on shark tank. kayla is off today. jon fortt with us as always. on a day turning a little rough. dow down 182. rough owl morning. oil is a big reason. stocks likely to stay in the red for the week for the first time in seven weeks. our eyes on crude down more than 2% in trading this morning. and dow is a couple hundred points from testing that 50 dwa moving average. once again we continue to talk about the spillover effects. because oil, it's not how much it's come down although that's amaking but how quickly. >> people forget that com

the benchmark wti tumbled at one point to less than $63 per barrel. that's the lowest level that we've seen in more than five years. traders have watched the price fall more than 40% from this year's high. that was set in june when crude oil commanded $107 per barrel. analysts cite a range of factors including growing shale oil production. they also cite last month's decision by opec countries to leave output unchanged. now, those falling crude oil prices are forcing a major u.s. oil developer to backtrack on its plans. executives at conoco phillips say they're slashing capital investment. the executives say the company's capital budget for next year will be $13.5 billion. that's down 13% from this year. the cut mainly affects drilling programs. they say they'll focus on developing shale oil in north dakota and texas but putting off investment in canada and elsewhere. technological advances have helped lower production costs of shale oil in the u.s. but some projects in difficult-to-drill areas are still set to be unprofitable. >>> falling oil prices

texastake a look at west crude on the nymex. 53.44 for a barrel of wti crude. one andures of nearly three quarters of a percent. indexnsumer confidence increased from 92% in november and up from 91 in november. 20 u.s. cities rose at a slower pace in october, 2014 when compared to that same time in 2013. the a's and p case-shiller october index of home prices in the u.s. cities -- the s&p case-shiller october index of home prices in u.s. cities show the smallest gains in two years. here is greenspan on the u.s. economy. >> despite the recent indications of middle of the , despite those indications, we still have a very sluggish economy. effective demand in the u.s. has weakened -- is weak. effective demand in europe is worse. the top of the hour. they with bloomberg for a special three-hour edition of street smart with cory johnson, scarlet fu, and me, pimm fox. our guest will talk about companies that need to makes the serious resolutions for 2015. ♪ >> tonight on "titans at the table," we talk football and the big apple. >> there will be a coin toss right her

barclays adjusting its short-term outlook saying brent will go under 70 and wti significantly lower than that. but goldman sachs says the market will find a balance and next year prices will be between 70 and $75 a barrel. citi today saying this could potentially be the bottom. there are traders out there saying $50 crude isn't far away. where we go from here will be key. $50 oil could hurt producers and cause production shutdowns that could threaten jobs and the economy. for "nightly business report" i'm jackie deangelis. >>> and of course nowhere has the boom in shale oil production been more evident than in the backen region of north dakota, but will the recent freefall in crude prices that jackie just talked about, mean that some boom towns there could soon go bust? brian sullivan is on the scene in north dakota. >> reporter: the picture of the oil boom people here in williston, north dakota, are hoping they don't become the center of a backen bust. the backen shale here in the rugged western edge of north dakota has been one of north america's greatest economic success stories of th

texastake a look at west crude on the nymex. 53.44 for a barrel of wti crude.es of nearly three quarters of a percent. the consumer

under pressure, 3% declines on wti and brent krooud.ar and away. worst performing sector today is energy. at the moment, 23 of the top 25 percentage losers in the large cap s&p 500 are energy related names. among the biggest laggers today, neighbors industries. also noble energy. transocean as well as ensco corporation. also, brent crude dropping below that key mark for $60 a barrel this morning. a rough go for the energy sector overall. we'll keep an eye on those oil prices. back over to you guys. >> all right, dom. thank you. we saw wild selling in biotech yesterday despite the dow hitting that new all-time high. more on what exactly is happening in that sector. hey, meg. >> we're seeing a bit of rebound today in tech. a couple things are at play that led to some of that selloff. first is the express scripts deal to exclude the hepatitis c drugs from its largest formulary plan. we're also hearing that there's fear this strategy could stretch into other therapeutic areas where there are multiple drugs competing. areas like cholesterol,

that relates to the fact that we're seeing another move lower in brent crude and in wti.ows. >> unbelievable. big watcher of a gas its prices says we are closing the year $1.06 cheaper than we began it. the average currently about $2.26. that's $1.40 off the spring highs. a lot of people talking a $2 average for 2015. >> that would be great. >> we should mention the white house has indicated yesterday it's going to further relax some of the export bans so some of the lighter distillates are able to be exported. i can't see that immediately feeding through on headline figures coming out. we'll cross there in a moment. >> interesting to see what people are painting the tape with today. what would you buy on the final day of the year if you were running a fund? kohl's, delta airlines bed, bath, and beyond. stocks with double-digit gains for the year. trok tractor supply up about a percent or so. southwest airlines the best performer of the year, up 124%. >> american airlines has been the best performer in the nasdaq 100, up more than 100%. i think it's 115%. consumer discret

wti closing at $53.61 lowest since may of 2009.es, gee oweogeopolitics will matter and issues will have to be very significant to get this market buying again. now, talking about the rest of the year only a few days left. traders are expecting wti to close somewhere in the range where it is now, probably over $50 but they do think when the calendar flips and everybody starts a fresh book we see that selling pressure again in january so that's what they're watching for. i do just want to hit on gas prices. aaa, $2.29. lots of people talking about the fact that this their states they're seeing gas under $2 so as the price continues to go lower the gas prices decline and hopefully some of that money will trickle into the economy. back to you. >> all right. precisely that's what i paid this morning is $2.29. my guy suspiciously is tracking aaa very closely. don't think i'm not watching you. >> like a hawk. >> thank you. >> yep. >>> it's that time of year looking back at the stocks that outperformed and underperformed a few surprising n

wti is down by 1.6% this morning. 64.72. you are looking at wti below $65 a barrel. >>> check out what is happening in the bond market. right now the ten-year note looks like it is yielding 2.326%. if you're watching the currency markets right now, the dollar at least at this point looks to be up against the euro at 1.2247. it's down against the yen, 121.16. and gold prices at this hour look like they are up by a about $4.60. 1,195 dollars an ounce. >>> and eunice eun is joining us on the weak data out overnight. >> reporter: andrew, i have a didbit of information for you. you are not buying enough iphone 6s. because of that, we are seeing a lot of weakness the trade data for china for november. i'm serious. the exports slowed sharply. a lot of that is because people are not buying as many smartphones after the iphone launch in september. and also because of just generally there is a weakness in demand globally in the united states as well as in europe. in terms of the imports, they also fell dramatically. a lot of people we

be careful with these oil contracts because they are adjusted but at $56, just about where we are in wti, you have major support going back about ten years. the other place we could find support if we just draw a trick trend line here, if we break through this 56 level, now we're talking about oil down in the 0s. for me to get sbiel the 40s, that would mean we're having a severe economic contraction which i'm not in the camp yet. so as tim said about potential supply going to china, i think around the $56 range you'll be looking at support in oil. remember, this is a game of probabilities. technicals are always kind of suggested turning levels but at the very least you need to start looking out for that turn in oil. >> brian, does that make you think about some of those names that have been absolutely crushed in the oil space and look to those names as the best opportunities to trade? and i'm bringing up many of the names. across the board take your pim, right? >> i think for a tradable bottom, absolutely. the only issues is in a longer term basis, the one reason we see a bottom in oil,

it's a decline to $68.34 for wti.is hour, they're in the green. although the dax is just pairly there. up by four and a half points. brent crude sinking over the past 36 points. their survival now in doubt. meantime a number of hedge funds have shorted oil and are cashing in. joining us right now is greg zuckerman. author of "the fraccers." and attorney bernard clark. gentlemen, welcome to both of you. greg, why don't we start off with this? in terms of how long we see prices this low whab do you think? >> i think the saudis have launched a war against prices. a war against north dakota. there are lots of reasons they're not going to let up on this. they have signalled they'll have a meeting the next few months and there's more coming. >> who wins? >> if you're a smaller producer, you're financed through high yield and there's a lot of those guys you're nervous right now. especially in places like texas where it can be done cheaply. >> so if you focus on something like that, what do you think is really happening? >> i

wti, crude. not seen that since 2009. rbc capital markets out with the 2015 outlook today on the economy. with us for an exclusive look is tom porcelli. good to see you. >> are you quickly revising it with all that's going on with oil an things? >> i have to say we have a lot of this oil improvement baked in and we expect it to be addstive and thinking of oil today and stayed steady and more to be more clear pump prices and stayed steady today, over the balance of the first half of the year that will be additive from a consumption perspective and what we have baked in. the non-energy consumption part of it adding half a percentage point. >> we were in the break talking about the impact of inflation and negative read on ppi, wholesale inflation. when's that going to mean? are we going to be below the fed's trend through 2015? >> so this is a great discussion point and deserves much more time than we can allot to it. >> you don't want to go into the dynamics of disinflation and inflation on tv? >> but i think this is an imp

we saw the close $66.88 for wti.e a company that's using oil as a raw material, shipping goods somewhere, you need consumers to hit the road to spend money, this is good for your bottom lines. the airlines, shippers. also think about fed-ex and u.p.s. the stocks are already on the move because their costs are coming down. also, the autos you have been talking about. gm and chrysler. they're saying that, you know, americans habits die hard. they're back to buying suvs again because gas prices are down. goodyear, the tire company, saying it's seeing more sales potentially because people are ready to hit the road, shopping, traveling, whatever it is. retailers like target, walmart, tjmaxx, company that is will see people potentially come in for brick and mortar sales this holiday season and maybe cyber monday wasn't so great. it is food for thought. but one person put it fantastic explaining this to me. this is how i'm looking at it. this is somebody from cowan. cheap oil is for the u.s. as cheap labor was for the brics

what a bounce up more than 4% on wti crude. posting the best one-day gain in two years. was that the bottom we had over the weekend? one top oil executive thinks it may have been and he'll be here to explain why. what a crazy, crazy day for the weekend i should say -- >> truly. >> for the energy markets. >> equity markets watching that oil price rebound and still down 35 points on the dow but a far cry from the declines to begin the session. we did have a stronger than expected ism manufacturing number this morning and may have helped a bit. s&p meanwhile off 12 points. nasdaq off better than 1%. weakness particularly in apple is not helping and the russell, the small cap, 2000, taking a beating today. a quick look there. also off to the tune of 1.25%. >> and if you get a chance, show them the transportation average. dow tranports now down 246 points. >> ouch. >> 2.7% decline, as well. this is one of those days as we start the month of december. let's talk it all with kim forrest, sam stovall, mark glaciani and rick santelli. sam, put this in perspective for us. this is

wti falling below $56 per barrel.e saw utilities and health-care stocks fall as well. ♪ >> who are watching bloomberg west, where we focus on innovation, technology, and the future of business. the hostage crisis ended at a sunni -- sydney chocolate shop. --druple -- quadrupled its uber quadrupled its hair is anything about this tweet -- quadrupled its fares. they sent out this tweet. i its later they updated twitter to say passion -- timothy updated her twitter say -- -- this later they updated their twitter to say -- just how damaging was this move and is it time for them for that -- for them to figure out a plan for crisis pr? peter, first of all i want to talk about the business decisions. the pr thing, they have done a her and his job it seems. >> i don't know if it is a cultural thing. you're right, they could have acted more quickly in changing the search pricing policy. got picked up in social media, it went wild, and it hurt them. >> there was a notion this was mathematic. the first week recognized what was h