Those looking for some December cheer may instead face a few more gloomy sessions, given oil’s seemingly endless drop.
Global stocks aren’t too happy about things this morning, and that includes U.S. stock futures as investors still come to grips with the notion that OPEC really is just going to stand by and watch crude prices keep tanking. There isn’t any big data to distract us today and the Fed meeting is still a week away, so there may be nothing to watch but oil.
The chatter this morning is about how hard it’s going to be for oil to recover from the latest fallout. Those looking for elements of support aren’t finding much, and that’s laid out in our call of the day, which says prepare for $20 a barrel. This all follows oil’s plunge yesterday to a fresh 7-year low under $38.
