a recent survey found that in september opec members pumped over 40 september opec members pumped over a0 million barrels per day and that is the highest level this year. and thatis is the highest level this year. and that is 90,000 barrels per day more from august production levels. us president donald trump to do twitter injuly asking for president donald trump to do twitter in july asking for opec president donald trump to do twitter injuly asking for opec to reduce prices. does the president have any sway in the energy markets? here is the view from energy analystjohn driscoll. this last few years we are dealing with a new wild card. we used to have wild cards like opec, libya, nigeria, factors which are so—called black swans, but trump's level of interventions in markets is unprecedented. he is not content to call up unprecedented. he is not content to callup and unprecedented. he is not content to call up and interrupted opec meeting, but it is understandable political behaviour ahead of mid—year elections. political behaviour ahead of mid-year elections. of course he has sau

opec. and opec nations are as usual ripping off the rest of the world we defended many of these nations for nothing. and then they take advantage of us by giving us high oil prices not good but some have said that this is trump's way of securing his party's control in congress rather than out of genuine concern over gas prices now his intentions have not been yet made clear but i wouldn't hold my breath or trouble for furring to the us big the largest supplier to saudi arabia with over sixty percent of all saudi weaponry from america washington also has sanctions in place against riyadh's regional rivals like iran the us leaders words also seem to be a part of his last thing the twitter campaign to opec including saudi arabia to lower oil prices by increasing production he made his frustrations public to leaders at the un general assembly last week. opec. and opec nations are as usual ripping off the rest of the world we defended many of these nations for nothing. and then they take advanta

the opec oil producers‘ cartels as there are opec oil producers‘ cartels as there a re factors opec oil producers‘ cartels as there are factors the under control. our reporter caught up with its secretary general at the india energy forum earlier this week. this yearin energy forum earlier this week. this year in vienna, we found out that we had not only accomplished our objective of bringing down stocks to the five—year average, but we had surpassed that target by almost 47%. and therefore it was not healthy. we voluntarily, on our own, reversed course and decided to work to strive to bring down the conformity level to bring down the conformity level to about 100%. and at the moment, on course. this is a work in progress. however, there are factors that are com pletely however, there are factors that are completely outside of our control that are making this stability hard earned stability, and it has taken us almost four years, looking increasingly fragile. but iran has said that no other oil exporting nation should be allowed to take over the export from iran. where does opec sta

countries and the rest of opec to lower gas prices and trump's no fan of opec and he made that pretty clear at the u.n. let's quickly check out what he had to say opec. and opec nations are as usual ripping off the rest of the world we defended many of these nations for nothing. and then they take advantage of us by giving us high oil prices not good. but some have said that this is trump's way of securing his party's control in congress rather than out of genuine concern over gas prices now his intentions have not been yet made clear but i wouldn't hold my breath. sometimes arm twisting and it's possible influence on oil prices it's a topic for president but they may have putin's been addressing this wednesday speaking at a major energy forum in moscow he suggested in no uncertain terms that the american president's got no one but himself to blame for the recent spike in oil prices but it was a good we had a very nice meeting with the american president in helsinki if we had touched on the subject of oil price and influence that i would have told him if you want to find the main culp

countries and the rest of opec to lower gas prices and terms no fan of opec and he made that pretty clear at the u.n. let's quickly check out what he had to say opec. and opec nations are as usual ripping off the rest of the world we defended many of these nations for nothing. and then they take advantage of us by giving us high oil prices not good but some have said that this is trump's way of securing his party's control in congress rather than out of genuine concern over gas prices now his intentions have not been yet made clear but i wouldn't hold my breath when i talked last hour to international oil economist mom two sunday who told me that trumps wasting his breath if he thinks his comments will change oil production and prices . he is afraid that his pot of tea lose the election because of rising oil prices this he cannot change oh my fed how much we shout or even that ice is going up because they are. good fundamentals in the global oil market so he can do nothing about the embedded comes out of love go to stop supply saudi at a van with weapons because it's a good source o

he said it is not opec let's listen >> opec is trying not to manipulate the price it's trying to bring the market to balance when opec took the measure to restrict the production, if you'd like, from its end and some allied countries to opec agreement, it was meant to shave the extra excessive stock which were record high, depressing the oil price. >> brian, also on that panel i was meant to speak with the minister there iran, but he's a no-show at this event. before deciding not to board the plane to moscow he told the market that he thinks president trump is creating uncertainty over sanctions on iran, that's what is to blame for these rising prices. so the finger pointing continues. what we do know and what the russians are confirming is that there's probably $5 to $6 in the price right now as we move ahead into november and the likelihood of u.s. sanctions on iranian oil. back to you. >> geoff cutmore, thank you. >>> between trade, tariffs, brett kavanaugh, president trump is not backing down. he's been standing firm on both, not giving in to pressure from any side let's talk about

. >> opec is trying not to manipulate the price it's trying to bring the market to balance when opec took the measure to restrict the production, if you'd like, from its end and some allied countries to opec agreement, it was meant to shave the extra excessive stock which were record high, depressing the oil price, that depression of oil price led to what? has it led to a better world economy? in fact, the downturn of the i'oi price. look what happened, the balance took place already between supply and demand. the world economy is at its best now. and this is what we believe in, that the balance of the market, the market where itself by itself provided that we don't have huge excessive stock leading to lower oil price, which would then down the road will create difficulty in producing enough oil and possibly enough gas to cater the demand what happens even now after the recovery of oil price, the investment is not adequate enough to cater the demand worldwide. the investment in oil and gas has not been commensurate with the world demand down the road so we can see many countries down

and president trump says opec has to pick uproduction. the prom is they haven't -- they haven't updated their production facilities, their capabilities over the lastecade like the united states has. even if they wanted to they can't pick up the produion the y they used to in the past. so i just don't think that's going to be a big t issue. technical side, of course we have the oil is brokenut of its sideways range it had been in a long time. the commodities traders invented technical analysis. that's bullish too. you have the fundamental andea technicalns to like it. >> when you talk about the stocks you might want to invest in, people will think of the the the giantsexxonmobil, chevr so forth. but you are looking at small are be better for m leverage as the market goes higher. who are you thinking of and why. >> as you mentioned eon and chevron they're good because they pay a nice divend. and they're also highly weighted in the etf but i like theot rs. because with oil breaking out it took off once it broke out of se range. an we a coupl

opec. and opec nations are as usual ripping off the rest of the world we defended many of these nations for nothing. and then they take advantage of us by giving us high oil prices not good. international oil economist mundo son i'm a told us trump is wasting his breath if he thinks his comments will change oil production and prices. he is afraid that his pot of tea my lose the election because of rising oil prices this he cannot change no matter how much he shouts oil prices are going up because there are. good fundamentals in the global oil market so he can do nothing about the am benteke and out of love the goal is to stop supply saudi arabia with weapons because it's a good source of income for the president prob is not helping or in price in going down it's pushing the prices up especially after his withdrawal from the nuclear agreement with iran in view of the escalation between iran and saudi arabia saudi arabia seem studio and the protection of the united states saudi relation will

general assembly last week opec. and opec nations are as usual ripping off the rest of the world we defended many of these nations for nothing. and then they take advantage of us by giving us high oil prices not good well international all economists mundo salame a told us trump is wasting his breath if he thinks his comments will change oil production and prices he is a fear that is part of the my lose the election because of rising oil prices this he cannot change nor my farewell much we shout oil prices are going up because there are. good fundamentals in the global oil martens on a range of different issues. there's been discord in germany on what should be unity day with rival rallies needing to be kept to pass the details when we come back. lead. lives. i've been saying the number. they matter us is over one trillion dollars in debt more than ten white collar crime stamped each day. eighty five percent of global wealth if you want to be ultra rich with six percent market so thirty percent this one is pure dumb

not too long ago, brent was was $75higher and wti and now with the opec and non-opec producers increasing production, the market sentiment has changed. it feels a we are oversupplied. pickup --wafer demand do they wait for demand to pick up? or do they power ahead? andy: i think they will wait to see what happens. the oil market has focused on iranian sanctions and deceptions of venezuela. iraqi production has produced to near record. the same time, nigerian oil production is back to 2 million barrels a day and libyan production has ticked up to 1.2 million barrels. and non-opec producers are going to be looking ahead. they have a meeting in december and they will look at the oil market balance and perhaps trim some production to maintain higher prices. joe: we are talking about supply and we have been for a long time but on the way up and in this slump. what about demand, because obviously concern seems to be rising about economic frailties the world. how's that impact? has beenand growth good for the past couple years and is expected to continue in 2018. demand is expected to increase 1

first of all, people at home, what does opec do? one of the agencies that makes money for the u.s. government? >> set up in 1971 to help the -- in sub-saharan africa or south america, we can go in and lend the money. >> bret: bipartisan support. you got new powers, more money to do that tex-mex vehicle we came into office, when the new trump administration came in, opec was slated to be eliminate. convinced both sides of the house and the senate that opec is soft diplomacy and something that is important to our national security for the president came out with his national security -- saying economic elephant in these >> obviously china is bouncing around the world doing investments. part of empowering you is to counter china. >> the chinese, as everyone has read about putting money out, opec is active in 130 countries, but we cannot compete with the chinese dollar for dollar. this new legislation, called the build act, took us to $60 billion, return the profits to the american taxpayer, we are not going to go with the chinese dollar to dollar -- we made $260 million for the u.s. t

and warning of a potential deterioration so and light of the differences over the issue of oil and opec and cooperation between washington and riyadh now you have a very serious crisis that cuts across the divide in washington and my particular and it depends on if indeed the president is concerned as he expressed last night about this crisis you know even though he said no one knows anything i'm sure he does know something after all this has been one week of a crisis a serious crisis and i'm sure he has been briefed if he attended those briefings. the past seven days i'm sure he has a lot of information. about this crisis because the u.s. intelligence does have a lot of information particularly in light of cooperation with our other allies around and turkey i'm sure he has seen a lot of information and that explains his second sentence when he says i do not like it so what is it that he doesn't like and if indeed he doesn't like what you heard then that is going to translate into some criticism an opposition congress ok so let me ask my one when president trump says i don't like it how

the problem is opec, pumping more. if there was another problem in libya or elsewhere, really, there could be nowhere to turn for the additional supply. that could drive prices high. francine: i guess that permeates through your models. we think there is a short-term upside to the oil price. in terms of how that feeds into the strategy, we are overweight on the energy sector. we think there is good flow, even at the good -- current price. agree.i largely the point i am taking away is that there is very little downside and lots of upside. that is how we would see it. from an economic perspective, again, it is not the level, it is the speed. a recent, rapid adjustment over the recent months. it will put a bit of pressure on inflation, take a little bit off. but overall, i don't think it will be a huge economic downgrade. francine: very quickly, when can we open again? expecting a much movement? maybe they want to listen to what the president says? or is it not in their interest to keep looking at demands saying we can pu

opec even opec you know say that look we're looking at less demand in twenty nineteen and when the equities markets roll over is it even that big a concern when we've had two massive build up these last two weeks and e.i.a. numbers i mean that's really what rocked oil you look at what a road that support and sent oil sharply lower really wasn't that big equities selloff it was the giant buildup we saw a week before last so it may not be as important or more it may not even be that relevant whether or not anybody steps up. just real quickly rob our commodities going to be impacted by this trade war being six cetera. you know beans are going to be one of those very geopolitical names and we look at that was go back to that q two g.d. g.d.p. where a lot of traders and investors wanted to dismiss that big number just by saying hey look this is just a ramp up in being exports sort of front running that tariff as best they could but really if you look at the exports and beans it really wasn't true really was consumer spending i think we're going to see beans pretty much do what they have been doi

>> a delicate balancing act between trying to keep opec iran,er -- opec includes which is the target of the trump administration. on the other hand, they have an important ally in the u.s. by and large, the u.s. protects the middle east. by large, the public rhetoric has been quite muted. we saw these phone calls over the weekend from trump to at least saudi arabia. they have confirmed we need more girls and we need them quickly. anna: we have bloomberg data showing oil exports from iran hit a two and a half year low, even before sanctions. how that can get? >> it can get a little bit horse. what we are seeing that we were not expecting is how consumers are reacting. administration, they said that we would do this softly and come to some negotiation, but you would not go to zero. this is much a different. a lot of the consuming countries and companies are looking at this and saying there is every chance we will be pursued if we are perceived breaking sanctions. in many cases, imports have dropped to zero. nejra: the supply story is dominating things. we talked about your positioning

long without us and yet they continue to push for higher and higher oil prices we will remember the opec will not believe must get prices down now and that of a campaign rally last week this is what the us president said about the saudi rulers we protect saudi arabia would you say they're rich. and i love the king king solomon but i said king. we're protecting you you might not be there for two weeks without us you have to pay for your diligence. well no one i think this goes straight to you and i actually says exactly what i wanted actually to say i what i was playing i should say that he might be using this. as a leverage in order to get something from the saudis be that on the oil prices or be that on. being perhaps more in order to protect them what i know is that the saudis are don't like this way of addressing them course and this has actually generated the sort of response by the saudi crown prince a few few days ago when he said that we are being actually the united states for whatever we pine from the united see in terms of weapons and weapons so i think this is exactly what i f

is now producing ten points seven million barrels per day according to the crown prince himself the opec data say ten point five and how much of this ten point five day cuts that would be the issue but it is very precarious the balanced yes from air in november about want to two million barrels per day of oil exports from iran might be caught off because of prison trams and so on so that is very serious as you say the saudi cut in oil production could lead to a spike in oil prices but would this effect. only be temporary given that saudi arabia's influence in the markets has declined recently going to saudi arabia of exporting oil producing more than ten is very significant it has and its importance hasn't declined it is there and is very important but it all depends on those so the how much they are going to cut and the next two months the rule is balanced with the prospects fear of a shortage of ward from iran and then this one on top of the prices would shoot top but looking broadly from this month to the early two thousand and nineteen the markets abroad was going to be better there

saudi and opec are price makers. they can cut production a little bit with the spare capacity they have. we cannot. so europe and even more asia will be very dependent on the study of oil and gas from the region and the it remains dependent on the stable middle east which should be kept away from the rising influence of u.s. competitors. let me end by paraphrasing by saying whoever controls the oil reserves of the middle east controls the global oil market and whoever controls the global oil market is the dominant player in the global economy. loss of this leadership would significantly weaken u.s. leadership and strengthen our competitors. any recommendations that we were asked to say, well, first of all, for industry, keep on doing what you're doing. you are just doing fine and i agree with more of the conclusions that paul has and i would add all your recommendations, and we definitely -- i would believe that our governments should remain very strongly involved in the region because the region is a key area, as i

>> they asked that last night, urging opec to reach in and go to full capacity there. asked the saudi oil minister about that, and he said we have already been pumping 10.7 barrels a i dafment he said look at ghobal inventories worldwide. he is like the demand isn't there. they are meeting all their customer needs, so there is no need to do it right now. but then you look at the price. they say they have rising demand, yet brilliant goes up. what is happening here is this cloud of anxiety around the market. that is what they were zrining on the panel. iran has to do with it, venezuela, libya. and daniel made a very good point saying that funneled mentally the mark is stable and the demand is there. it is more of an emotional reason why we are seeing this fronesy in brement price. >> the energy minister said on radio that prices could actually hit $100 this fall. you spoke to him about prices. what did he say? >> he reiterated to what the price is that president putin as well said yesterday would be a healthy range. between between $65 and $75. the russian budget is lin

and there is one more international issue that i wanted to mention and that is opec. by the early to mid-70s the united states was beginning to feel the effects of restrictions on the free flow of oil. in the postwar period, the u.s. enjoyed low fuel costs. but by the early to mid-70s, fuel prices had begun to rise and opec is restricting oil shipments. you put all this together, and you have the basis for understanding a certain amount of sort of broad american grievance. it seemed like in those decades following world war ii, things were humming along pretty well. there had been recessions and issues and problems in civil rights, mostly affecting african-americans, but now broadly, nationally, economically, it seems like the u.s. is struggling. vietnam, a defeat? how can that be? so there is a lot of soul- searching going on in the united states. what has happened? what has gone wrong? what transpired to create the situation that we find ourselves in in the 1970s? the 1972 election comes up, and you all know the story and i don't want to review all of it. richard ni

demand for opec oil will go up dramatically. now we're in 2018. the demand for opec oil is still around 30 million barrels a day. the latest projections are down another 900,000 barrels a day. but there was really no need to add much infrastructure over and above. the need is to maintain the capacity. which is adequate for the time being. the real issue right now is gas. gas is the real problem. because for some reason, all the gas is located in the middle east and iran and in qatar. i think what is an interesting development about what bp has done. it is is a very good price compared to if you wanted to import. so this may be a new development and we may see that happening elsewhere. >> i think this question might be. for you. how might the u.s. work with arab countries to develop renewable energy projects? and by the way, it didn't say it was head of us. my students said they were ahead of us. that's a different thing. this is state department all over it. >> obviously, renewables is part of any good energy mix and diversifica

last night, they urged opec to reach in and go with full capacity. i asked the saudi oil minister about this today and he said, we are already pumping at 10.7 million barrels a day. the last year and a half, to -- they have been pumping under 10 million barrels per day. on top of that, he said look at global inventories worldwide. eia data came out yesterday and he said the demand is not there. they are meeting all of the customer needs, so there is no need to do it right now. but then of course, if you look at the price, they say they have rising demand, but brent goes up. there is a cloud of anxiety around the market. that's what they were describing on the panel today. this has iran to do with it, venezuela, libya and security shocks. a good point was made, saying that fundamentally, the market is stable and the demand is there. he said it is more of an emotional reason why we are seeing the frenzy in the brent price. alix: also, the russia energy minister has been on radio saying that prices could hit 100 this fall. you spoke to him about prices,

opec and its allies has a deal to cut global supplies. he is saying if he is going to talk to president trump as he did in helsinki, he would say to his face that he should look at himself in the mirror. the rise in oil prices is not due to what is happening in the markets but what is happening in the u.s. administration. the sanctions in iran and he pointed to the political situation in venezuela and libya as well. >> we're talking samsung posting another record profit here. topping estimates. there are concerns remaining over weakening demand for memory chips. >> record operating profits again. 17.5 trillion won. $15.5 billion. the problem is going forward we are seeing weakness in memory chip prices. good operating profit in the third quarter, sales were in line with estimates, so it does fend the wolves from the door. most analysts are saying the two-year super cycle is already waning, and we will see cyclical weakness. >> former u.s. secretary treasury hank paulson is familiar with global economic risk. having led the financial crisi

of course, opec is more political because it's all down to by in large what saudi arabia wants other nations to raise production or cut production, so at the moment they seem quite happy with where prices are at the moment. we have heard donald trump say he wants to see oil prices lower, raises inflation. for the economy i don't think it's a great thing, raise the cost at the pump, people aren't going to have that much money in their pocket either. cheryl: joshua, thank you very much for the perspective. lauren: mornings with maria starts right now. good morning, maria. maria: good morning, ladies, happy tuesday, thanks for joining us, i'm maria bartiromo it is october 2nd, top stories before 6:00 a.m. on of east coast. the art of the deal, trump touting with deal with canada while hitting the campaign trail. >> we made history again when i announced to the world that we are placing the job-killing disaster known as nafta. it's going to produce jobs and companies aren't going to be leaving and firing everybody. now they are partners mÉxico and canada and that's a good thing. we are

aboutne: we're hearing some kind of green field that opec would do with non-opec allies. what does that mean and would you support it? minster kachikwu: i would have to know the details. i was not part of that meeting that took lay spirit -- that took place. i know the genesis was to have an agreement for technical corporation with russia. -- technical cooperation with russia. i do not think it is anything different than what we already agreed in terms of trying to stabilize the market. i think suppliers are concerned about the need for stability in this sector. minister, i say this with great respect for your previous tenure. corruption, give us an update on how you're trying to clean up nigerian oil with the pressure to go from onshore development to offshore? what is the state of sanctity of contract within nigeria? minster kachikwu: contract is something we respect. my background is as a lawyer in somebody who helps the president . corruption, that is the base upon which the president has run and has continued to be one of his achievements. evidence that corruption ha

iraq is opec's second biggest producer after saudi arabia. royal bank of scotland has said it is setting aside around $128 million to deal with what it describes as "the more uncertain economic outlook". read into that what you will. rbs is the first big bank so far to make such a provision in the run—up to the uk's exit from the eu. the move came as the bank reported a 10% rise in profits. rising fuel costs are weighing on profits at the british airways owner, iag. the company reported a small fall in profits for the three months to the end of september but beat analysts' expectations on sales. ba faces a potential fine over cyberattacks which have seen hackers stealing personal data on customers. china and japan pledge to forge closer ties today at their first bilateral meeting in seven years. already the two countries have signed a range of agreements to bolster ties, including $2.6 billion in business deals. our china correspondent, stephen mcdonell, joins us from beijing. a real u—turn on relations between the two countries. why now?

as opec big oil reports flip-flops on its plan to pump oil out. the latest on what is driving the markets. this is bloomberg. ♪ francine: you are watching "bloomberg surveillance." i'm francine lacqua here in london. the president of turkey is giving a speech. a couple of days ago, he was focusing on the saudi's and the killing in the saudi consulate in istanbul. now, we hear from him talking about the economy and going back to statements on saudi saying they have been childish and comical. statements, he says who gave the order. his rhetoric is ratcheting up. it seemed last time, he didn't talk about the crown prince by his full name. i don't know whether he will do it today or not. the rhetoric seems to be heating up on what mr. erdogan is trying to push saudi. let's get back to the markets. it has been a huge week for markets here in europe. arie: there have been a slew of earnings. lafarge, battling higher fuel prices. on the earnings call, the ceo saying there a steep cost on inflation.revenue was a beat, but they did see the dact that they

let me draw you to opec. i think this is important because it shows saudi produces every 2% of opec's foil. not only great control over the marginal price of a barrel but the guarantees that opec continues to charge dollars, charge for oil and dollars and make the petrodollar. the reason i bring this up in relation to russia, if we get too hard on the saudi's and i do not think anybody is worried we will, it leaves a door open for putin, doesn't it? he has used the door with syria and egypt. he is taking our middle east allies as we push them off one by one. marc champion: yes, absolutely. it is a strategy that putin has been pressing for quite some time and has been successful. we have had the syrian campaign d and he stood up for assa the west said he had to go because of the brutality. with saudi.ow russia has a great deal of influence and syria. russia has taken iran under its wing. egypt, the arab spring and the coup and the west had a great deal of difficulty of how to deal with that and russia have had

makes, who knows what opec decides to do. i think you could make an argument oil could go to 200 or go back down to 25 bucks, if saudi arabia steps away from the cartel and decide to take aggressive action. they are important in the process. keeping peace is important. we need to find a way to get to the ground of what happened here and make sure people at top level are talking about this to get to bottom as quickly as possible. >> think about this, charles what we're talking about, right, one person, one crazy situation we can't quantify we're talking about breakdown in relations between two incredibly important allies? like this loss of perspective. also hair trigger and caught up with twitter saying right party line in exactly right moment and media responding which stocks should go up and down. we need to step back, these are complex times. there is accountability across the world and we will sort this out. the fact oil is barely up, charles, that tells you calmer heads are stepping back and doing exactly that. charles: o

crude gets crushed as opec goes into full production mode. we are in riyadh. banks.ay for deutsche bank misses on second equity trading. a 2018 profit. watch barclays in about one hour. we speak exclusively to the ceo, jes staley. manus: a warm-up onto to the show. fors a three-way miss deutsche bank. they missed on 16 commodities and currencies and equities and they missed in terms of the net revenue. the numbers for you. 1.37arket pencil than million. equity sales and trading, 466. stability was a word the bloomberg intelligence team were looking for. the question you must answer is whether this is a bank that will independence, or will it be forced into some kind of a merger? job cuts are well underway. they are targeting below 93,000 by the end of this year. they have managed to cut jobs during this quarter. available forv you. down 36%. there is a tliv on these markets. low interest rates are still a struggle. for your revenue slightly below 2017. we will put these questions to james, the cfo of during debate, -- torch a bank, at 11:30 t

next year opec's old production, so a further decline in the demand for opec oil made 900,000 barrels a day. these numbers are going to work out or not, but what it shows we are a big competitor. and between us and canada, somewhere around 80% of world's consumption is covered. so this has been a phenomenal change. and obviously it will change whether one like it is or not. the relationship we have with producer states. it has made us basically compared to any of our allies in a far better position than they are. now a relationship with the middle east, obviously, it's based on a lot of phenomena other than energy. we are more transactional now than we were before. so we want to get paid for our services. we want to get paid for our defense. but it has actually been done in the past. the goal was fully paid for by allies. we had no net cost of the goal in terms of money. the other thing is, we actually somewhere around between a third and a half in terms of value of our military exports are bought by these people in the middle east. do they need all that? that's a question you may ask

is opec and russia going to make up the difference or not. these seeing a lot of refineries running at full capacity yet there still seems to be a lack of supply. that's a big concern as we move through this week. like people are taking off their long positions on wti. why is that? >> we are seeing a lot of money called buying going on. there seems to be some demand for the side optionality. brent is just easier to get to and i think that's part of the reason. capacity constraints in the united states are entering into that spread. vonnie: we have seen the u.s. dollar bounce around. what are traitors saying about the dollars direction given what has happened to the euro and the british pound? slippedheme has kind of the last week or two. some of the ideas that were in the marketplace are now starting to wash out. concerns about the euro have put a bid underneath the dollar. vonnie: we still seem to be in that range. do you see anything in the jobs report pushing us out of the range on the 10 year? >> sure. fed chairman powell will be speaking

we are trying to get opec and none opec to increase overachieving and to produce more russia and saudi arabia with supply when i ran drops out -- he run drops out. -- iran drops up. plans new deals. a huge deal for the saudi arabian at the moment. the yuan, the question is this -- the national team is buying stocks and we understand. the huge tax relief for the individuals. does it mean they are not weaponizing the yuan? the 10 year bonds are going down and a rollcall. what will it to do in terms of talking about restrictive policy in the bond market? never been absolutely. absolutely. chinese font you want to look at. 4.8% and the shanghai index up years. most in two you mentioned the national key is part of that but it seems to s&peeding in the global the is the lowest on average on friday. we saw you as futures drop earlier -- u.s. futures drop. a little firmer. a story of flat, but what we have seen with the italian yields. the bnp yield dropping 20 basis on friday. will we continue to see a rally after moody's left it unstable? could we see downside from the ecb this week? a broad