Oil Pushes Higher as Talks Break Down in Greece; U.S. Ports in Focus

As talks break down in Greece and U.S. officials effort a reopening of U.S. ports shuttered over the holiday, oil is pushing higher and people familiar with the matter indicate Apple is readying its own version of an electric car. Oil is higher at 53 dollars a barrel this morning. A couple of factors are pushing the commodity higher. Reports of violence in Ukraine and the Middle East are a factor. Talks among Eurozone finance ministers over a new financing agreement for Greece broke down abruptly Monday, increasing the uncertainty about the country's future inside the euro. Meanwhile, West Coast seaports that were all but shut over the holiday weekend because of a contract dispute are supposed to reopen today. Labor Secretary Thomas Perez is efforting to solve a stalemate between dockworkers and their employers. Meanwhile billions of dollars in U.S. international trade are stalled. The ports are a critical trade link with Asia and the gateway not just for imports such as electronics, household goods and clothing but also U.S. exports including produce and meat. Apple is reportedly readying to take on Tesla. The Wall Street Journal reporting that the tech giant has several hundred employees working on a electric vehicle that looks like a minivan. It could be several years until the car goes mainstream, if at all. But people familiar with the matter say the company has deployed enough manpower and devoted resources to robotics, metals and hiring personnel that are consistent with operations that suggest automobile manufacturing is underway at Apple.