Why Oil Prices Have Nowhere Left to Go but Down

Critical information ahead of the U.S. market’s open

by Barbara Kollmeyer
Market Watch

Looking for a letup in the selling that has walloped markets over the past 24 hours? This morning at least, you’re about to be as disappointed as Ted Cruz.

Economic worries drove investors into the dollar and out of commodities, with oil taking an additional hit on fresh fears of a supply glut. It stands to reason that investors are probably wondering if this is the start of a stock-market selloff — it’s May, GET OUT.

“We’ve seen a slight pullback in commodity markets, which appears to be leading the declines in equity markets,” Craig Erlam, senior market analyst at Oanda, speaking for the no-panic side. “We’re probably seeing a little profit-taking following what has been a decent run since the middle of February.”

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