Oil Hits 7-Year High, Milken Global Conference Returns, Disney Gets Downgraded

Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber began the show with a look at the market action, with stocks coming off their best week in three months. Oil also resumed its rally, hitting its highest level since Oct. 2014 with some traders expecting to see $100/barrel by the end of the year. Staying with energy, David Faber interviewed Chevron CEO, Mike Wirth live from the Milken Global Conference out in Los Angeles, California. Also in focus: Disney got downgraded to ‘equal-weight’ at Barclays, with the firm saying “Disney+ growth has slowed significantly.” And, Zillow shares tanked on a new report that the company has temporarily stopped its home-buying service due to overwhelming demand.