Oil Price News: Why $55 Could Be the Next Target for WTI

Oil has sold down in tandem with an unwind in equities. Many will look at NVIDIA’s earnings report as the linchpin. The earnings were good. The market immediately bought the earnings number, then sold down aggressively at the reopen of trade. This is deleveraging. People sell what’s liquid to fund that which is less liquid, or go to cash. The reasons for correlation are myriad.It is somewhat clearer now, how the same liquidity that kept equities elevated, also kept energy alive. In the last week, I decided ...