FIRST AIRED: June 6, 2017

Nice work! Enjoy the show!


You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program
More Info

COMING UP:Share Opener Variant 1



>> At first, the talk was of an oil price spike. 24 hours on from Saudi Arabia's decision to cut ties with Qatar, traders are seeing it differently. Benchmark crude prices falling for a second day Tuesday. In focus, the outlook for a pact among oil producers to cut supply and boost prices.
Reuters' global markets correspondent, Abhinav Ramnarayan. Qatar was a member of OPEC. And so the concerns are that the agreement to cut supply might be affected by this diplomatic spat. So that's the reason why oil prices are below $50 a barrel. Just sort of a psychological level.>> The deal to limit supply was extended in late May.
If Qatar no longer feels bound by the agreement, it could boost output. But at about 600,000 barrels a day, it's one of the smaller players in the oil cartel. Other members would have to renege to see a big impact. That's why some traders see a bigger threat to prices elsewhere.
US crude output up over 10% since last summer. It's now churning out more than 9 million barrels per day. If that number keeps rising, OPEC's attempts to curb production could be washed away by a tide of US oil.