Acres and continues to rage. The cooler temperatures and light rain have officials feeling more optimistic they may get a handle on the devastation in the oil stands region. More than 80,000 people have been evacuated in Fort Mcmurray. Officials say theres no timeline to return residents to the city. Its a pretty horrible devastation thats taken place there. Homes have been lost. But again, people evacuated and are out of the way. Oil prices are reacting as the wildfire has knocked out a Million Barrels as a result of the fire. Bp and oil firms warn they cannot deliver on certain contracts. Wti is up over a dollar gaining 2. 25 . And more big news over the weekend. Saudi arabia replacing longtime oil minister ali alnaimi with Khalid Alfalih, chairman of aramco. They are planning a threeway listing in london, hong kong and new york. The company is valued at more than 2 trillion. John kilduff is here with us. We have gotten so used to this guy, i thought it was an aappointment for life.
Could chalk up its biggest weekly advance in six months. We will continue to follow the story out of ukraine and keep you updated throughout the morning. The Russia Ukraine situation, that is not the only geopolitical story on the radar. Chuck hagel sounding the alarm on the situation in the middle east arguing that the longterm threat of isis is even more dangerous than al qaeda. Chuck hagel talking about the 9 11 threat to the United States. Jim, isil is as sophisticated and well funded as any group that we have seen. They marry ideology, sophistication of strategic and ticketical military prowess. They are tremendously well funded. This is beyond anything that weve seen. So we must prepare for everything. And the only way you do that is you take a cold, steely hard look at it and get ready. Also today, fighting between israeli and palestinians continues. Israel air strikes continuing for a third day following the collapse of ceasefire talks. The Israeli Military says it carried out
Morning. Its heading east. The pilots will take turns flying day and night. If goes as plan the trip will end in mid june. Four u. S. Stops are planned. Here are the big stories today. Apple holding a major press event in san francisco. The Company Expected to offer details on the watch including a high end model that some say could cost as much as 10,000. Well talk more about apple and the entry into the dow in a few moments. A new survey finding the fed to raise rates in the second half of the year. 57 of those polled by the National Association of business economists say uncertainty over the Central Banks plan is no longer slowing the economic recovery. And in europe, its official. The ecb has begun the 66 million a month Bond Buying Program. Scotland Goldman Sachs argues that oil prices will reverse the recent gapes with wti. Likely dropping all the way down 240 a barrel in the near term. The main reason . Global crude inventories are beginning to increase again. We did see that st
Clean debt limit increase. Under no circumstances . I told the president theres no way were going to pass one. The votes are not in the house and the president is risking default by not having a conversation with us. By moodys ceo says the chance of a u. S. Default is extremely unlikely. That reflects our thinking that it is extremely unlikely that the government treasury is not going to continue to pay on the treasury securities. Hopefully it is unlikely that we dont go past october 17th and fail to raise the debt ceiling, but even if that does happen, then we think the u. S. Treasury is still going to pay on its treasury securities, prioritize those payments. Still, the dollar is trading near an eight month low today amid debt default fears. Take a look at whats been happening. You can see that the dollar is down against the euro at 1. 3572. The dollar is at 96. 96. Well talk more about that with john harwood. First, andrew has a roundup of the mornings top stories. Andrew, welcome b
At this hour, at least right now, there are some modest advances. Germany up by about 14 points. Ftse up by 8 points and in france, the cac up by about close to 10 points. In geopolitical news, we are watching the situation in ukrai ukraine. The Ukrainian Government warns a ceasefire with pro russian fighters would end tonight. If the two sides failed to reach a deal on lastminute talks. Meanwhile, there are reports of heavy fighting around separatist strong holds in the eastern part of that country. Its a situation we will continue to watch. Andrew, right now, baub back over to you. Dupont is cutting its Current Quarter and profit forecast. The company says sales in its agriculture and chemicals unit increased at a slower pace than expected. Nike, posted better than expected quarterly results. The company spent aggressively on marketing ahead of the world cup. Demand for nike apparel and footwear rose. World cup, its the first time nike is sponsoring more National Teams than adidas. N