Oil has started off as one of the worst assets of the first day in the second quarter, declining after Saudi Deputy Crown Prince Mohammed bin Salman stated that the kingdom of Saudi Arabia will not join a program to freeze crude oil output without the participation of Iran and other major producers, reports Mark Shenk for Bloomberg. Moreover, the prince also noted that the country could even raise output if any other country boosts sales.
“The point is that if crude oil’s and Energy’s turn is sustainable, the S&P 500 makes all-time highs. Remember, the S&P 500 has basically been flat since crude oil peaked in August 2014. The 2,134-2,135 peak prints in the S&P 500 in mid-2015 were new all-time highs, but the S&P 500 has basically gone nowhere since late 2014,” adds Seeking Alpha.
Energy Select Sector SPDR