Monday, 20 March 2017

Oil turns down even as stocks hold up

Notwithstanding a small gain last week, oil has been selling off in recently. From Bloomberg:

The exodus of oil-price optimists has begun.

Money managers cut bets on rising West Texas Intermediate crude by a record amount during the week ended March 14, while wagers on a further price drop doubled as oil remained below $50 a barrel.

In contrast, investors are still waiting for a sell-off in stocks. From MarketWatch:

Investors who have been looking for a big pullback in stocks to scoop up some bargains have been waiting a long time, and they may be waiting even longer to jump into that opportunistic drop if the current trend holds.

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