The Port Authority of New York and New Jersey is "coordinating with partners across the supply chain to prepare for any impacts" from a possible work stoppage by workers represented by the International Longshoremen's Association as they negotiate with the United States Maritime Alliance (USMX), a Port Authority spokesperson told CBS MoneyWatch on Friday. "We urge both sides to find common ground and keep the cargo flowing for the good of the national economy," added the spokesperson, noting that $240 billion in goods move through the two ports each year and that such trade supports more than 600,000 local jobs. According to the union, a strike would affect ports from Maine to Texas. A stoppage could involve up to 45,000 workers at ports that account for roughly 60% of U.S. shipping traffic, leading to a major disruption of shipments, Oxford Economics said in a report.

Futures in New York were little changed, after rising 3 percent the previous two sessions. Libya’s crude loadings from the Mellitah terminal will be “modified” after protests impeded output at the El-Feel field. Cuts by OPEC and its allies may be phased out in 2019 in a way that won’t disturb the market, Saudi oil minister Khalid Al-Falih said. Still, U.S. supply remains a threat, with the nation’s rig count rising for a fifth week to the highest since April 2015. Oil has risen more than 5 percent this year, following a second annual gain, as a drain in U.S. stockpiles and growing demand reassure investors that production cuts led by the Organization of Petroleum Exporting Countries are working. While America continues to pump record volumes, accompanied by an increase in exports, Al-Falih said the global oil market is re-balancing and bloated inventories are shrinking. Click Read More below for additional information.