Uncontinued unrust in the middle east and saudi arabia raised the official selling price. Oil closed 2. 5 at 60 a barrel and over 20 at the last month. Jackie deangeles has more at the prices and where they are heading next. Cruise proiss crude prices are deg gravity. Todays priek fueled by geopolitics. Concerns in the middle east as a libyan port was closed by protesters. Technically the crude oil market was showing strength but we needed to get above 60. When you look at the supply situation improving and the pryuia production flat lining in the u. S. That was the factor that needed to take it above 60. Crude had bee flirting with above the 60 level, before it got there it shut down and will that continue. I think that we are over 60 well stay there it will stay there. We get demand for that in the summer and that is demand in the summer for crude oil. I could see 65 to 67 by memorial day. With the start of summer driving season there is a lag of spike in crude and the price at the pump but the 20 jump in the last month has taken gas prices up to 2. 63 up a quarter from a month ago. While gas prices tend to rice seasonably. Traders agree it is a quick jump considering memorial day is still a month away. And gas prices sanch 2. 63 at this time last year. So consumers are still saving but the gas is closing in, just in time before vacationers hit the road. For nightly breport, im jackie deangeles. And with the recent recovery many want to know what saudi arabia the largest crude exporter thinks of the market right now . And hadley gamble spoke to that countrys minister today in a conference in read. Ill prices punching above 60 a barrel for the First Time Since last year but according to the Saudi Arabia Oil minister no one can set prices except the law. And in an exclusive interview 20 year veteran the minister told us what he isnt worried what a nuclear deal could mean. Im not worried about iran crude. If i was to predict, would you be somewhere else gambling. With prices under his belt he led the world by opec last year to cut production a gam tobl maintain market share which some analysts say has yet to pay off but a reshuffle inside of the kingdom brings in new and younger blood and rumors have surfaced by the oil oracle. The deputy crown prince announced this week a restructuring of state oil giant or amco and many say it is a long step in the step order privatization d so who might fill his shoes. There are word that one of the other sons might take over and that might be a break with precedent but in the meantime he is taking everything in stri we caught up with him he was in a good mood but he was quite standoffish and he was in a good mood on the way to a meeting and on talks with yemen and they will talk with iran and iraq and im hadley ramble in read. And the price that makes everybody from consumers to happen others happy. Good to see you. So is 60 the magic number . Well it is an interesting thought that actually came to me from yall. It could be. It is enough certainly i think to sustain u. S. Producers and frackers who are hanging on by a thread and they will continue to hang on by a threat at 60 a barrel and expensive enough at the pump to make people appreciative and not waistful. As im 60 years old ive been feeling that 60 is the new 40. Or the new 30. But here is the question. Oil prices in the spring tend to go up as the driving season in the u. S. Go up and gas prices do that. Is this sort as temporary a blip up as 42, 43 was a temporary blip down. It may well be tyler, weve seen the gas prices rally and they hit the peak right before memorial day day and come downpour schedule does as it does for the rest of the country as early as mid to late july. And the preerk comes off the inventory, the storage of gasoline and takes the heat out of the worries and we go into the shoulder. Is that what you expect this year . I do. I feel very much so. All of the elements to get us down toward 43 a barrel remain and await to reemerge over the next of the next couple of weeks. So you do expect oil to go back down. I do. So if the prices were to continue to rally as hear in the packages to over 65 a barrel. There is 500,000 dollars of barrels of fracked oil to hit the cap and iran is dying to get their oil back on to the market and they have buys who want it desperately, china, Southern California japan and want it back in their system. John thank you. Jond killedoff with the gain capital. And stocks close sharply closer as there is a on eye on bond yields and the greece bailout. The dow lost 142 finishing at 17,928 and the nasdaq shed 77 and the s p 500 down by 25 more than 1 . And about the rising yield, the 10year note now above 2. 1 , almost 2. 2 . Microsoft possibly evaluating a takeover bid for sales force. Com. There is no talks between the two companies but still the report sent sales of sales force higher and microsoft lo we look at the costs of a gettogether. If microsoft really is evaluating a bid for sales force, what would be the tech giants motivation for such an acquisition . Well for one, these are two companies that already have a part it is a relationship that has only seemed to deepen sen sach and adela became the ceo last year. In fact at microsoft developer conference just last week sales force ceo bennieoff was in the audience and watching the key note address. Second nadella is laser focused on building out his companys Cloud Business which is on track to do more than 6 billion in annual sales but on the other hand there are questions about whether naddel would want to do a deal like this ahead of the launch of woepds 10. And there is the sheer size of the deal. Up to 64 according to ever corp. So the benefits of a potential acquisition are clear but so too are the costs. For nightly business report, m josh lipton in san francisco. One of the markets bright spots early on today was disney after shares of the Entertainment Company briefly hit an alltime high following the latest quarterly report. Disney had a big lift from the companys theme parks. After spiking higher following the results disney shares fell back and ended the session on the down day fractionally lower. Julia boorstin has the details. The happiest place on earth yielding magical results for disney. The media giant having results on the top and bottom lines. Consumer products have great quarters but all of the businesses d. There is some numbers that werent necessarily comparable. For instance the studio had a great quarter but last year this quarter we had frozen the video. So that is not a great comparison. And then on the Media Network we had extra costs of espn because of the College Football playoffs and the nfl wildcard so generally speaking all of the businesses had a Strong Quarter but from a percentage increase perspective parks and resorts led the way. The disney parks led the surprise with higher han expected attendance and spending and higher Ticket Pricing and food and der befr sath and double operating income on daredevil and netflix among other things and Marvels Avengers age of ult ron opening to huge success this weekend and star wars is coming up in december. We ha gra plans for star wars merchandise. Er talking about the best merchandise in the world and there hasnt been a reduce since 2005 so weve seen interest in this film starting to generate increased interest in the merchandise for this film. The company is planning a big launch of star wars Consumer Products in december and videos in november. And so far they are pleased with the film and there is no question the franchise will create value for years to come. While the acquisition of lucas film and marvel are paying off in droves that doesnt mean there are in more in the works. They dont have any more holes to fill. Im Julia Boorstin in los angeles. To the economy, where there what a 6. 5 high in march, the dispute at the west coast ports and a strong dollar held back exports and now the labor dispute could put more downward pressure on growth in the First Quarter and according to a stur v. A. Many believe the economy contracted slightly. One major pillar of the economy may have gotten unwanted news today. The average rate on a 30 year fixed mortgage broke through the 4 level according to montgomery news mortgage news daily. And the city of los angeles alleged wells fargo encouraged employees to commit fraud. You go into a bank branch looking for a Checking Account and you want a credit line and get convinced to open a brokerage account and it is called cross selling and getting existing customers to sign up for more products and it is the only ways big banks with kind Revenue Growth and it is common and l. A. City attorney said wells fargo may have taken it a step too far. A lawsuit filed on mond said they engaged in person. Tactics. The tactic was uncovered in a 2013 investigati by the l. A. Times which found employees at wells fargo branches were trying to meet sales quotas by signing up accountd kredsity lines without consents and resulting in forged signatures and dinged Credit Scores and a lawsuit that created a significant price to the general public. And they fired any employees involved in the extreme and in the wake of the lawsuit the bank said the companys culture is focused on the best interest of the customers and creating a supportive caring and ethical environment for the team members. The company reiterated the commitment to the customers receiving only the products and services they need. And each household that did business with the bank had six products at the end of march. Few break out this figure and j. P. Morgan did said in 2013 said each household had 7. 6 product and their target was going for great to head for eight and each penalty could be as high as 2,800 and the bank will vigorously defend itself against the allegations. For nightly business report, in new york. Still ahead, it may still be six months away but could the outbreak of bird flu impact your thanksgiving f it is the biggest outbreak of bird flu in u. S. History and today roiter is reporting that the government approved 330 million in mrj funds to contain the disease. The strain is wreaking havoc on poultry in the u. S. About rising prices and impact on all things thanksgiving. Morgan brennan has more. It keeps getting worse. Iowa and minnesota has announced more probable cases of bird flu bringing turkeys and chickens affected up to 25 million. This is the biggest outbreak in u. S. History, surfacing the early 1980s that claimed 17 million birds. The usda and cdc said it poses little risk to human health and has not entered the food supply but what does it mean to consumers. David maloney from the American Restaurant Association said this is an egg and turkey story. Roughly twothirds of the cases so far with egglaying hens a third with the turkey Production Industry the broiler mate chicken mart supply that industry is insolated so far and we expect that to remain at least through the summer. In the u. S. Poultry is a 48 million market broken down into three categories broiler chickens for meet eggs and turkeys. And broilers are twothirds of the market eggs is 20 and turkeys the remaining 10. Broilers have been largely uneffected since most are raises in the south but iowa and minnesota, the Top Producers for eggs and turkey have been hit hard. Eggs are the biggest issue, including pending cases, 6 of the layer hens have been taken offline. Experts expect that push up egg prices. We expected egg prices to be pushed up 15 cents a dozen putting us close to 2014 inflated price levels at wholesale. And turkeys, 1. 5 of the supply has been impacted and they are stock piked through august and so far that is normal but consumers may have to pay more for thanksgivings. Broilers are not effected but they are the main poultry product shipped overseas. Mexico and china are posing import bans and restrictions and the price of wholesale dark meat chicken is falling, 30 lower than a year ago. Im morgan brennan. Jennieo is temporarily laying off 233 employees at the Processing Plant in minnesota because of the outbreak. The outbreak has cut the number after available turkeys and as a result the company is going to shift to a switch to a single shift. Sprin added more than a million new customers in the first three months of the year and came at a price and that is why we gib the market focus. The wireless carrier saw the prices cut to attract new customers but the ceo said that is part of the sprintd business sprint business plan. In order for you to grow you have to invest money. It costs money to attract new customers but we have a clear plan in terms of when does the company generate Free Cash Flow and we have clear plans in terms of how were executing on all fronts. The quarterly loss was in line. The shares fell to 4. 99. New product helped estee lauder in the First Quarter and the Makeup Company sees faster growth this year despite currency headwinds. Shares rose 4 to 86. 90. And profits and sales, the largest maker of Breakfast Cereals saw a incline but saw a decline in the Morning Foods business. Kellogg stock drops to 63. 18. Discovy communications including Discovery Channel and Animal Planet posted stronger than expected growth and international and ad revenue helped to drive the results but shares fell along with the market today. More than 2 to 32. 59. But news corp missed profit and revenue expectations. The publisher of the wall street journal said falling shares of the newspaper, and shares were flat following the bell but ended the regular session down about a percent at 52. 92. And the video gamer arts posted better than expected numbers due to reduce of a popular new game title and it will buy back up to a billion dollars worth of stock and they closed down a fraction and finished at 59. 16. The new reality of retirement involves working past the age of 65. That is akorgd to a new sur according to a new survey. Sharon epperson is our expert on that front and joining us from the exchange. So is working into retirement the new norm . Weve seen study after study showing in workers regardless of age think they are working past the age of 65 or maybe they wont retire at all. Now many folks are doing it because of income or healthcare concerns but some are doing it because they want to and because they enjoy working and many say perhaps theyll even work with their current employer. Well sharon are some of the people who are working, are they cutting back on hours and parting parttime as opposed to full time . What i found interesting is workers who are in their 60s want to do and they are at the forefront of redefining retirement and half of them said they will work past 65 and continue to work in some capacity but what was interesting were the numbers that said they are going to have some type of transition into retirement and that could be working in another capacity with their same employer something less demanding or could be doing something where they are working at reduced hours to have more time to enjoy their life. What are soe other obstacles. You mentioned health issues, job loss or what about the fact that a lot of employers are trying to keep yurng younger employers. There are obstacles out there. There arer of obstacles and they are their own doing. Mainly they dont have a plan. You cant get to where you are wanting to go if you dont have a road map. And it is encouraging that 75 of those in their 60s have some type of retirement have a plan but 60 of them have a plan and that means you talk about it a couple of times over coffee with a plan and you want to retire in a particular city or a fashion but you havent written down how much money you need or how you will cover your health care need or Living Expenses and how much will be contributed from the government and all of these things you need to write down so you know what you will be relying on from Social Security and what you can come up with on your own. Sharon thanks as always. Sure. My pleasure. Sharon epperson. Coming up the markets were rocked by the flash crash five years ago tomorrow. So what changes have been made since then and what still needs to be done . And here is what to watch tomorrow. Janelle yellen and christine le guard of the International Monetary fund speak in washington. Adp releases a private payroll report ahee gover jobs report and bank of america hosts the Shareholder Meeting and that is on the agenda for wednesday. Fifth anniversary of the flash crash, when the dow plunged almost 1,000 points in almost a minute time. Since then it was the product of High Frequency trading and last month the british futures traders was arrested and charged with the sudden drop. But as bob pisani tells us much more needs to be done. Five years after the flash crash, regulators have implemented a number of rear forms reforms to reduce the chance it could happen again. The most important was the creation of stock Circuit Breakers designed to halt trading when a stock moves outside of a narrow band above or below where it is currently trading. Rules for market wide circuit brakers were changed and now traded will be halted if the s p 500 dropped 7 or more during the trading day. S. E. C. Commissioner Dan Gallagher said the Market Solutions is safer. Five years later we look back and there are a number of measures taken to address that incident itself but the fact is we have a lot to do to understand the equity market structure. Indeed many participants would like to see more changes made. Maryjo white wants to see High Frequency traders register with the scc and has floated the idea of an antidisruptive trading rule when the markets are volatile. And the s. E. C. Has an Advisory Committee on what changes should be made from here but the regulator seems reluctant to make any big changes right now believing that the Current System despite its flaws, is working reasonably well. Bottom line despite angst and technology along the way, there hasnt been anything along the flash crash in the last five years and regulators are trying to figure out how to keep it that way. For nightly busreport, im bob pisani at the stock exchange. And that is nightly business re im sue herera. And im tyler mathisen. Have a great night, everybody. Well see you here tomorrow. The following kqed production was produced in high definition. [ music ] this is kathak, an indian dance form. Chitresh das its a magician kathak master Pandit Chitresh Das shares the secrets of his ancient art form. Chitresh das i call it meditation in motion. Mark jackson kain dies. In the last few years mark jackson has invigorated bay area theatre with his plays and direction. Mark jackson theater seems to me the most contemporary art in that its literally in the present moment. And midori performs in san francisco. Francisco. This time on spark. [ music ] major funding for spark is provided by the william and Flora Hewlett Foundation supporti