York. Lets take a look at new york city itself. Temperatures right now, 49 degrees. You might say how is it going to snow . Trust uts, it will happen later this afternoon. It will be snowing at 37 degrees. That can happen in the atmosphere. Were in the 1 to 3 inches range here. Heading out to long island, less than an inch there. Were looking at 5 to 8 inches of snow. Thats the case in other major cities, as well. Washington, d. C. And the 1 to 3 inch rain. The general rule here is 95 is going to be your dividing line between that heavy snow to the west and the lighter snow to the east. Still, its not going to take much today. Take a look at boston, youre in the 1 to 3 and 3 to 35 out towards 98. West, 12 to 18 inches of snow. So you have some flight problems, you obviously have driving problems. The timing on this . Its going to start at rain as it already did. Were going to watch that mix over. The rain snow line is going to drive down to the south. Later on this afternoon, a lot of the major cities will be seeing flakes coming down. Folks, if you are getting out there, make sure you take care this morning. Beyond all that travel trouble, here are the other stories were watching today. Mixed messages come out of vienna. The kingdom is likely to push for major change in output. Meanwhile, its argued some members want to defend their market share and growing supplies from nonopec countries. Oil prices look slightly higher, up by about 16 cents. 71. 25. Yesterday, wti crude closing at its lowest level in four years. We will have a live report from vienna in just a few minutes. Its a busy day on the economic fund. We have the markets closed for tomorrow. We are jamming in a lot of data today, though. Durable goods, personal income and spending, chicago pmi. Consumer sentiment move on sales, pending home sales. Michelle, of to you. Steve liesman was so excited yesterday. He just couldnt wait. Its like christmas for him. In national news, more than 40 people were arrested in ferguson, missouri, last night. Following outrage over the grand jurys decision not to indict the Police Officer in the Michael Brown shooting case. By most accounts, it was a calmer situation on the ground there. With protests nationwide, here are some of the pictures coming into the news room this morning from across the country. In oakland, california, traffic slowed to a crawl on interstate 80. Protesters blocked both east and westbound lanes. The crowds assaulted officials and started fires. In los angeles, there was a standoff at protesters and police. Traffic was brought to a stand still in multiple areas and there was a major backup in the entrance to the lincoln tunnel. Scott cohen is there with the latest. Scott. Hi, michelle. You said it is calmer here, a calmer night in ferguson, but thats all relative. Certainly calmer than monday night when 12 businesses were burned to the ground. But still, 44 arrests here last night. Many of them on felony charges. A number of items that were confiscated, including guns, monthly to have cocktails, this crowd is still angry over what happened over the grand jurys decision that was announced on monday night. Once again overnight, a police car, the victim of the a Ferguson PoliceDepartment Car was overturned not far away from the site where Michael Brown was shot in august. As a back drop to all of this, the officer in question, officer Darren Wilson breaking his silence for the First Time Since the incident. He spoke to abc news about that night in august. Is there anything you would have done differently that would have prevented that killing from taking place . No. Nothing . No. And youre absolutely convinced, when you look through your heart and your mind, that if Michael Brown were white, this would have gone down in exactly is same way . Yes. No question. No question. Do you think it will haunt you . I dont think its haunting. Its always going to be something that happened. Thats officer Darren Wilson speaking to abc last night. Thats certainly doing nothing to calm the tensions that continue here. But one thing that may have kept things under control, three times the National Guard presence there was on monday night, some 2200 troops in the street. Their presence is visible and then they have help tamping it down. Guys, this is not necessarily over yet. Any reaction to that view on abc last night . Did you talk to people about what they thought . You might have covered crime and interviewed a lot of Police Officers. What did you think . What did i think of what he said . You know, its very difficult to tell. Clearly, hes had a lot of time to think about it and this about what his story was. But the story hasnt changed versus what he told authorities the night of the shooting as well as what he told the grand jury. So that has been consistent. But its hard to get inside of his head. It was good good to finally hear him speak. Its difficult to tell what the reaction has been. I think a lot of people in a lot of ways are beyond just that one incident. And more looking at what are the overall issues, the severe racial tensions in this community. Tr is an ongoing civil rights litigation investigation not just with regard to that shooting, but with the Ferguson Police department. Certainly a contingent here that wants to move on, that wants to get back to life as normal. And there are those that want to honor Michael Browns Family Moving forward. The other thick theyre talking about is that Initiative Brown fans are pushing out to all officers across the country with body cameras that would, if nothing else, eliminate the confusion and the conflict over what did or didnt appear what night. Scott, behind you, it almost likes like theres holiday decorations are up. Is that what im seeing . Yeah. This is downtown ferguson. There were demonstrations last night that moved over to city hall where they got a little dicey and a little violent. This is the site on monday night where they heard about the situation, tear gas was fired here on monday night. They began trashing a lot of those businesses. So in a lot of ways, this has been the epicenter. The Police Department headquarters is right over there which is the focus of a lot of attention not just here, but worldwide. Scott, thank you very much for joining us this morning. We will talk to you again a little later today. Talking about strange juxtapositions, were going to talk about opec and what the next day or two brings to us. Steve sedgwick joins us now from vienna this morning. Steve. Yeah. Andrew, its very interesting. The russians and mexicans have been in town. If you add all all the barrels they produce, we have about 50 of supply represented. The russians and mexicans are not here now. They didnt get a deal. But everyone is trying to think now, is opec in trouble . This is the most important meeting because opec is losing control of the market. I have another tone of thought four and were going to give you that after you hear from the iranian oil minister. All the supply in the market, all the to some investors, the Market Production to the market. So, look, thats the iranians. Theyre admitting were oversupplied and its going to get worse next year. The iranians themselves are desperate to put more on line with the market. We didnt get more this week with mr. Kerry in vienna. But the point is here, the last thing he said is some believe the situation will put pressure on some investors to leave the market. Who is he talking about . I think hes talking about the saudis. It may take out u. S. Shale because at the moment, a lot of investment into shale, into the dream of Energy Independence wont happen because its too close to call. So i think theres a school of thought that says, actually, rather than panicking and rather than opec thinking weve lost control of this, theyre thinking, you know what . Lets play a longer game. As the secretary general said to me, he said, steve, were selling americans into the Global Market as part of the marshall plan. This was in the longterm plan. And, of course, the saudis, i think it was about a third of american oil only in the 70s. Now its around to 12 . Theyre looking away from the United States and looking more to asia, looking at the growth story there. Even chinese crude demand has gone up in the last 24 hours again. So i think theyre looking potentially to play a longer game. So all of those experts ive seen on our side of the channel, theyre desperate. Theyre going to cut. They have all of these kinds of issues. All of that is true but, again, theyre playing the longer game. Who can get the oil out of the ground cheaper than anyone else . Its not shale. Its 2 saudis. And i think its quite interesting to see whether they are going to play a longer game and get some accord with the iranians, as well. Opec may get some form of agreement. Back to you. Thats a really interesting question. Theyre playing a long game. It could be a very painful process and a way of getting there. How likely would you put this, odds at 50 with those two, the iranians and saudis can team up or would you put it at less than 50 fers . Well, i mean, lets face it, the iranians want to put more oil on the market. The iranians, for instance, are producing 2. 7 Million Barrels of oil a day. He said, look, if they can come to some accord and pivot east, europe demand is stagnant and quite appalling. Weve been Peak Oil Demand in the u. S. And in europe, as well. And one more point for those comment taters, where does 60 of the worlds oil reserves lie . It aint in shell the, it is not in the northeast, its in the milling east. Back to you. Thank you. Down over 20 this year. Right now joining us more with what to expect on this is tom cloza. Tom, what do you think about this . We had a guest yesterday who said he thought this was the most important opec meeting in about 30 years. Would you agree with that . I would agree. I would say its the most relevant meeting weve seen this decade, for sure. I would say theres low expectations. The expectation theres at least going to be a lip service agreement. But theyll do what they typically have done in the last meetings when they were trying to stabilize prices towards 100. Which is go back, produce all they can, and have no compliance except perhaps the saudis, kuwaittys, united arab emirates. So i think the bigger crisis for them comes about six months from now. Thats when you see Oil Beginning to dwarf demand by about a million, a million and a half barrels of oil a day. So we can do something now and theres a tendency for the market to bottom lets say in november and december for a lot of different products. But then theyre just going to get a little bit of a sugar rush and have to have a real significant meeting probably in april when they have speaking with kate kelly who covers the hedge fund in this before. She says the consensus is so bearish that there are some hedge funds who believe if the saudis surprise everybody, you could actually see crude oil when it reopens on friday rise by 15 per barrel if they manage to shock the market in some way. Oh, yeah. If you look at sentiment, and typically when sentiment goes below 0 bullish or whatever, the market is way oversold. So on that basis, everyone is so bearish, there is no one else left to sell to a sen extent. The market could ricochet higher here at any moment. I expect its going to bottom regardless of what happens in the next three weeks. This is the time of year. Its like you see a bottom temperature in january. You see an oil bottom this time of year. What would it take to actually shock the market . What weve heard all along is the market is expecting this idea that they will agree to cut to a certain extent. Theyll cheat on that. And short of them all coming up, Holding Hands together and raising their 50s in the air, what tells you that this is a more solid agreement, that these are numbers that theyll actually hit . A surprise degree of saudi arabia really takes one for the team. And they say were going to cut 700 or 800 and the emirates are going to cut and some of the other ones that have a tendency to adhere to the quota will do that. That would away surprise. I think the expectation is theyre going to announce a cut, theyre going to go back and many of the cheaters continue. They dont cheat, they leak, tale. And iran has no pretense, were not cutting, were raising output and we dont care. Iran, iraq, venezuela, no cuts. They are so far below what they need in terms of crude Oil Production for social budgets or to balance budgets and theyre below quotas, too,ite . Yeah. And iran could put another Million Barrels of oil a day in the market if sanctions were lifted. So if theyre interested in getting that revenue, they probably would have worked harder with senator kerry on that, too. So if youre looking at this trying to sgam it, if you think illustrate bottom out out here, where do you think the new range is . Is it 15 higher . This has been tricky trying to find a true range for oil over the last yeah. In the first four months of the year, brent was always around 110. I think the new range could be 65 to 85. I wouldnt be viefd to see you go higher. Theres a sense were not going to see 100 other than maybe for a moment in the day where some sort of panic hits the market. But youre not willing to say 49 is the low. I think 50 is a possibly, i think 39 is a possibility. Thats when oil starts to build. You can have a billion barrels of oil with no place to put it. Does the western United States shut down at that point . Certainly you see shale shut in. You dont see the projects that are mature and have already seen most of the investment. But youre already seeing the cuts in growth in shale for next year. We thought we would add about a million. Were still growing so were going to have more oil and its a lot more pressure on opec. Thank you so much for joining utsdz today. Coming up next, big news for movie fans. A brand new trailer for jurassic world. Weve got a first look at the next star wars film. Details after the break. Plus, in the tim cook world, the apple ceo seemingly has the midas trip inside the numbers and they are mind boggling. Squawk box returns in just a moment. The mercedesbenz winter event is back, with the perfect vehicle thats just right for you, no matter which list youre on. [ho, ho, ho, ho] no matter which list youre on. Lease the 2014 cla250 for 329 a month at your local mercedesbenz dealer. Welcome back to squawk box, everyone. Universal will reloose the trailer for jurassic world. You may have had a chance to check out the new star wars. Coming up this weekend, the trailer for star wars. It will be debuting in 30 theaters across the nation. Its said to be 88 seconds long. It will begin playing worldwide starting on monday. The films director j. J. Aip abraham confirms new moves calling it a tiny peek at what theyre working on. Star wars episode 1 the phantom menac menace debuted in 2008. Not only is apple the most valuable company in the world, but its market cap is about 70 higher. Whats more, were heading into the Holiday Shopping season, which is a huge moneymaker for apple. Joining us now, edmond lee. If joe were here, he would say, you know, the law of big numbers, at some point you cant get that big. The things the understand about apple, we have iphones and ipads, we all love our products, but theyve designed an ecosystem, where once you buy one, youre kind of compelled to buy all these other products because they interrelate with each other, they create an ecosystem. So in terms of expectations management, Holiday Shopping season, we think these phones are going to sell like hot cakes. And maybe theyll do better with the tablets, as well. Because youre talking about the ecosystem. The ecosystem only works if youre buying the whole ecosystem. Tablets are a big part of that and tablets have slowed materially. Its almost like the phone rs are too good. They in weird way made that obsolete and people are sticking to them. But theyve created this software now where you connect your phone to your laptop computer to your tablet. In a lot of ways, it doesnt matter where you have one or two devices. The thing that theyre connected to each is the thing thats compelling you. We always understood that apple was going to continue to innovate and create the next things. The next thing that we know about is the iwatch. I want to know where you are on that. And then i want to understand where you are if you ever see this famous the tv. And does it matter. The watch is going to be a careful one because it doesnt seem like its going to be as much of a musthave device. But the iwatch or the smartwatch or the applewatch is what theyre calling it, we dont know if that is something people are going to have to have. Its one of those nice, fans sis, gimmicky things. They are famous for creating things that we didnt know we wanted, right . The ipod. It was this concept of you can have all your music in one place. If they can make that watch into something that people think they have to have it. We havent had a chance to touch it or feeler enough to make a determination as to whether its going to be something that our viewers might recommend or not. There have been some questions about the music itself. How much control do they have over music at this point . Thats one of the weaknesses. One of the weaknesses, its a good point. They bought beats, you know, the head phonemaker, which more importantly included a Music Subscription Service which competes with spotify and pandora. This is what i meant about the ecosystem because it folds it into your phone, could be a watch if you get that, a laptop. Thats how they get to get people in. Its not simply about the watch or a phone, youre keeping your youre keeping your photos there, having your life stored on it. Thats where growth is ultimately going to come from for them beyond just the new devices innovating products. And how much of a growth do you find with apple . Where do you stand on that . Apple pays a trickier one. I dont really know. Its still unclear how many retail outlets will be able to ac