The correlation between equities and oil is the tightest in 10 months amid speculation that the Federal Reserve will raise interest rates, which could depress stock prices and slow the demand for crude. “The oil market is looking at the stock market right now and saying ‘oh my gosh if the stock market sells
off that might mean that the demand for oil is going to slow down,’” Phil Flynn, senior market analyst at Price Futures Group, said in a phone interview. “Because oil companies are going to pay higher interest rates, that may slow down the demand.”
Source: Bloomberg Pro Terminal
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