Saudi Arabia

While Congress is scrambling to sweep the recently introduced Bipartisan bill that would allow US families to sue Saudi Arabia for Sept 11, Barack Obama has just landed in Saudi Arabia to reassure his close ally that all is under control.

President Obama with Saudi Crown Prince Mohammed bin Nayef, center, and Deputy Crown Prince Mohammed bin Salman, in May 2015

As the WSJ reports, Obama arrived today in the Saudi kingdom for a brief trip "meant to provide reassurances to Gulf allies and to bolster his own foreign-policy legacy."

• After big New York wins, Trump and Clinton cast themselves as inevitable (Reuters)
• Eastern States Take Turn in Presidential Primary Spotlight (WSJ)
• China's Stocks Tumble Most in Seven Weeks to Break Trading Calm (BBG)
• Oil falls on end to Kuwaiti strike, supply outlook (Reuters)
• Oil price's decline weighs on global stock markets (Reuters)
• Blankfein's Decade Ending With a Thud on a Humbled Wall Street (BBG)
• Toyota to Resume Production at Most Japan Plants Next Week (WSJ)

Following Saudi threats to destabilize the financial system if the US were to enact a Bill that would allow an investigation into Saudi Arabia's support of September 11 terrorist attacks, many were watching closely how Obama would react. The president made it clear last night when as CNN reports, the White House threatened to veto the bipartisan bill to let families victimized by the 9/11 terrorist attacks sue Saudi Arabia while a GOP senator privately sought to block the measure.

"Low oil price is a function of excessive supply+true demand realization" - Reggie Middleton

Following a dramatic deterioration in official diplomatic channels between the US and Saudi Arabia when over the weekend the Saudis threatened the U.S. with dumping billions in Treasuries if Congress were to pass a bill probing into their alleged support of Sept 11 terrorists in the aftermath of last weekend's 60 Minutes report on the classified "28 pages" from the Septemeber 11 commission, moments ago the Obama administration made a stunning admission, when for the first time it revealed on the record that the Saudis were the original source of funding for Al Qaeda.