Rieder is a managing director and the global chief investment officer of fixed income for BlackRock. He joins CNNMoney anchor Maggie Lake during an interesting week.

It's been a volatile period for oil. Prices surged to their highest level in over three years last week. Now prices are slumping. US crude oil futures have dropped by nearly 10% to trade around $66.50 per barrel, down from about $73 last week.

Prices fell after Saudi energy minister Khalid Al-Falih said he was in intensive discussions with Russia and other OPEC nations to pump more oil to ease global supply concerns.

Rieder has argued that if the OPEC and Russia production cuts remain in place, and if other conditions are upheld, crude oil could remain in the $70-range — and that high price might not be so bad for consumers.

On Monday, Rieder had called OPEC's and Russian oil production as a "pillar" or support for energy prices. But he tweeted last week that the pillar "appeared to show cracks."

On Tuesday, the White House said it plans to impose 25% tariffs on $50 billion worth of goods from China. The government added that it will place new limits on Chinese investments in US high-tech industries.

Some business leaders have warned that the tariffs could result in a trade war, which could raise prices on goods and end up hurting consumers.

Also on Tuesday, the market dropped around 400 points following a political crisis in Italy.

Despite all this uncertainty, Rieder still says there are opportunities in this market.

"Considering a lack of discernible trading momentum, heightened volatility and a diminished ability to hedge, one might feel an overt pessimism toward today's market opportunity set," he wrote in a blog post last month. "Not us; we perceive a half-full glass."

CNNMoney's "Markets Now" streams live from the New York Stock Exchange every Wednesday at 12:45 p.m. ET. Hosted by Lake and CNNMoney editor-at-large Richard Quest, the 15-minute long program features incisive commentary from experts. Recent guests include former Chrysler and Home Depot (HD) CEO Bob Nardelli and Bitcoin bull Mike Novogratz.

You can watch "Markets Now" at CNNMoney.com/MarketsNow from your desk or on your phone or tablet. If you can't catch the show live, check out highlights online and through the Markets Now newsletter, delivered to your inbox every afternoon.

— CNN's Alanna Petroff, Donna Borak and Nathaniel Meyersohn contributed to this report

Opening the meeting, Minister D.Sumiyabazar said “Mineral agreement signed during Chancellor of Germany Angela Merkel’s visit in 2011 is an important document that allows Mongolia and Germany to develop bilateral relations and cooperation in mineral and mining sectors, and facilitate trade and economic ties to new level. There is a necessity to strengthen cooperation between the two countries in the implementation of the document and comprehensive partnership. In addition to the mining and mineral sectors, there is a possibility to expand cooperation in the use of German technology in aviation, transport, rail infrastructure, construction and urban development sectors, and in introduction of international standards. I am confident that the parties will ensure implementation of the agreement and the issues will be discussed openly and resolved.”

Present at the meeting were officials led by Minister of Mining and Heavy Industry, head of the working group from Mongolian side D.Sumiyabazar and head of the working group from German side, Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Energy Oliver Wittke.

The parties discussed on intensifying operation of the German Mongolian Institute for Resources and Technology and upgrading it to the Asian center of German education. Moreover, the parties highlighted joint works being implemented on the Sainshand wind farm (50 MW) project and its investment, Yeroo river hydro power plant and Ulaanbaatar city air pollution reduction.

“Mongolia is a country with rich mineral resources. As for our country, its development is based on human capabilities rather than natural resources. Therefore, we are fully capable of supporting Mongolia in human resource training and conducting researches. Demand for minerals in Germany is high, so we could cooperate to meet this demand. In addition, it will be more effective to establish a union to ensure full cooperation between the enterprises” said State Secretary at the Federal Ministry for Economic Affairs and Energy Oliver Wittke.

The parties exchanged views on ways to finance joint projects, opportunities for increasing German investment in Mongolia, educational cooperation, investment opportunities and legal environment of Mongolia.

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Following Moscow, Mongolia's top diplomat visited Washington DC, where he met with Secretary Mike Pompeo and the Millennium Challenge Corporation (MCC) of the United States of America. The MCC has agreed to grant a non-refundable aid package of USD 350 million to Mongolia under the Second Compact Agreement. This funding will be spent on a project to increase the water supply to Ulaanbaatar.

In August 2015 for the 50th anniversary of diplomatic relations between France and Mongolia, Jean-Yves Le Gall visited Ulaanbaatar to meet the Mongolian authorities in charge of space matters following the government’s decision to establish a national space policy. As a result of these meetings, a Memorandum of Understanding was proposed between CNES and its Mongolian counterpart to pursue cooperation at institutional level.

Mongolia could benefit from France’s internationally renowned expertise in telecommunications and Earth-observation satellites, launch services and training for specialists from other nations to boost its economic development and hone the skills of its managers. In particular, CNES helps its partners to develop new applications leveraging space tools.

On the occasion of the signing of the memorandum, Jean-Yves Le Gall commented: “The benefits of fostering international space cooperation with both established and emerging players are today clearly recognized across our community, and it is to this end that CNES is partnering with ACTI to help Mongolia establish a national space programme. A technical seminar to be held in Toulouse with engineers from ACTI will enable us to define concrete areas in which we could work together, notably to develop new applications.”

The World Bank’s forecast on economic growth of Mongolia in 2018 is 3.1 percent. However, the economy is expected to accelerate this year and exceed international forecasts, according to domestic analysts.

Prices of natural resources with significant influence to the economy including copper, gold and coal are relatively high. Increased coal transport passages at border crossing of Mongolia and China allowed 1000-1400 vehicles cross the border daily, intensifying coal exports in the second quarter. On the other hand, increase in foreign investment and expectations of moving megaprojects’ forward are showing positive impact on the economy.

Mongolia’s economy is dependent on mining product prices. The experts emphasize that the high prices for coal and copper on global market in 2018 have a major impact on economic growth of Mongolia, particularly on mining sector. Mining accounts for 78.8 percent of exports.

Economists agree that if the coal and copper prices stay high on the global market, it will affect positively the country’s economy. One of the reasons of relatively positive economy is China’s large purchase of coal, analysts explain.

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During his visit on May 18-22, Minister D.Tsogtbaatar discussed the Presidental and Prime Minister’s official visits to the US. The parties planned the Prime Minister U.Khurelsukh’s visit in late June and PM is scheduled to sign on the Second Compact with the Millenum Challenge Corporation during the visit as the compact negotiation has been concluded.

Additionally during the Foreign Affairs Minister's visit, the parties held discussions on developing the bilateral relations and reaching it to the Extensive and Comprehensive Partnership level.

The parties also discussed further expansion of trade and economic relations, exports of wool, cashmere and cotton goods, enhancing introduction of new US technologies to the agricultural sector of Mongolia and giving support for the energy security. Moreover, importance of cooperation in education was emphasized, requesting US to provide support in having native English speaking teachers in all high schools in Mongolia. The US side responded that they will consider the issue.
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Dr Oyun served as the first President of the United Nations Environment Assembly and is currently Chair of the Global Water Partnership. She also served both as Minister of Foreign Affairs and Minister of Environment and Green Development in Mongolia.

In her new role, Dr Oyun will lead GCF’s external relations, supporting Executive Director Howard Bamsey as GCF prepares to enter its first replenishment period.

In 2014, Dr Oyun was elected to be the first President of the United Nations Environment Assembly, the governing body of UN Environment. During her tenure, she has promoted environmental cooperation at a variety of international events on issues relating to sustainable development, climate change and water security. Since 2016 she has also served as Chair of the Global Water Partnership, a network designed to improve water management by working with over 3,000 institutional partners in more than 180 countries.

Before leaving Mongolian politics in 2016, Dr Oyun served five consecutive terms in the country’s parliament, including as Minister of Environment and Green Development (2012-2014) and Minister of Foreign Affairs (2007-2008). Under her leadership, the Ministry of Environment and Green Development became one of Mongolia’s four core ministries while the parliament approved the country’s green development strategy in 2014.

A geochemist by training, with a Ph.D in Earth Sciences from the University of Cambridge, Dr Oyun’s active public life extends beyond environmental protection to include advancing civil and social rights. Oyun is a member of advisory boards of a number of global initiatives including the Green Growth Knowledge Platform, Future Earth and International Environment Technology Centre of UNEP. She is also the founding member and the Chair of the Special Olympics Mongolia and heads the Zorig Foundation, a Mongolian NGO that advances democracy and supports youth and education.

As a result of actions by the Government on green technology and innovation policy and strategy, 41 types of environmentally friendly equipment have been exempted from corporate income tax, promoting green technology. Also 15 equipment for energy saving, heat production, water saving and wastewater treatment have been exempted from customs duty starting from May, 2017, said Deputy Environment and Tourism Minister Ts.Batbayar in his opening remarks.

Emphasizing the increased number of national companies which are introducing ISO 1401 environmental management system, one of main criteria to get financial support from international banks and financial organizations, President of the Mongolian National Chamber of Commerce and Industry B.Lkhagvajav said more than 135 entities are implementing projects or taking actions on efficient energy use.

Additionally, ‘Anu Service’ Company was selected as the first entity that decreased greenhouse gas in Mongolia and has received compensation worth MNT 778 million from the Green Climate Fund and MNT 438 million from ‘Monsef’ organization.

At the exhibition, over 60 companies are introducing their technologies and products such as building insulation material made from sheep wool and electron heating or vacuum radiator.

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