Falling prices could disrupt the doom loop of rising inflation, rising interest rates and rising expectations of further Fed hikes that have crushed the stock market this year.
The combination of slipping demand and potentially increasing supply would support lower oil prices, though perhaps not drastically lower.
"Nobody wants $100 oil," says West. "I think $80 is probably something people on both sides, producers and consumers, are very comfortable with."Add investors to the list of those who'd love to bid adieu to the energy price spike, and to the overall inflation and Fed rate hikes that helped produce. With crude oil down 9% this month, stocks are enjoying their best month of the year — the S&P 500 is up over 5%.
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