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Oil prices were up a hair earlier this morning before the market open. Bloomberg attributed a rise in stock market futures to this tenuous increase in crude prices. Oil has been bouncing between gains and losses all day.

But here’s the headline anyway: “Tech Rout Fades as European Stocks Gain; Oil Rises”

“Oil is down. It’s not rising,” Hedgeye CEO Keith McCullough says in the video above. “In fact, it’s teetering on a crash.”

A crash, of course, is a decline of -20% or more and oil is dangerously close to qualifying for this unbecoming label. Crude prices are down about -19%

“Now that is a rout,” McCullough says.