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.