PremiumHere Are The 4 Reasons Behind The Surge In Oil: From UBS Trading Desk
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There was something distinctly different about today's spike in oil which pushed Brent both above its 5-month channel, and also above the long-term resistance level of $90 (and even rose above 91):
That's because with fears that the Fed may further trim the number of rate cuts this year - or eliminate them entirely as Neel Kashkari hinted this afternoon - the $90 Brent resistance level had emerged as a key support level for stocks, and when Brent spiked above $90, so stocks trapdoored lower in what can only be described as a clear mirror image.