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Now prices are back up, america s oil producers are hiring again, until the next time prices go bust. on friday, trump tweeted, hope opec will increase output substantially. need to keep prices down. be careful for what you wish for. this weekend, saudi arabia convinced other oil-producing companies to raise global output. it declined to give specific numbers. it is a move widely seen as an attempt to satisfy donald trump but it might only serve to hurt our domestic oil producers. even so, oil futures actually shot up on the news of the oil increase, settling at, as i showed you, $68.58 on friday. take a look at that. it s just shy of its peak in may, when it hit $70 a barrel. that s because oil markets don t think a little extra supply is enough to meet growing world demand. but should we see a drop like we did in 2015 and 2016, the recovery that u.s. oil producers have seen in the last two years might be wiped out. gas prices will be lower, and ....
It. consumer notices when the stock market is down, when the dow is down eight days in a row and now basically down for the year and people react to that. you re seeing bits and pieces of direct impact. you ll see significantly more direct impact if the numbers on the china tariffs go up quickly because that quickly hits consumer goods. things we like to buy for cheap. something that hits consumers is gas prices. you see that in the president s tweet talking about gas prices. any president would like to have low gas prices. we get into the summer months, the travel months. hope opec will increase output substantially. wie just been through this big meeting over the course of the last couple of days. what does it mean for gas prices? what does it mean for oil prices? i don t think it s going to mean a lot. this was not a huge increase in oil production that opec agreed to. as you mentioned, they put production cuts in place to try to raise the price of oil, which they did sending it ....
Welcome back. i want to turn to the ee mermging trade war between the united states, china and the european union. within the last 24 hours, the eu began enforcing its own agricultural tariffs on the u.s. in addition to that, opec and its allies have agreed to boost oil production in response to a global growing global demand. that deal a victory for saudi arabia and russia. something president trump has weighed in, hope opec will increase output substantially. need to keep prices down. joining us is ben white, a contributor to cnbc. let s start with the trade war. something that somebody told me on this program, the war doesn t start in earnest until tariffs were in place. they were looking ahead to july. have we gotten into one now? as you try to define this thing, which has no rigid definition, do you think we re in one? i think we re in one. ....