Oil prices and the dollar have been highly negatively correlated during the oil price collapse. From June 2014 through September 2016, the correlation has been -95%.
In financial articles, it's a commonplace to read that oil prices fell because the dollar strengthened, or oil prices rose because the dollar weakened. This is largely a confusion of correlation with causality.
Hello MarketClub members everywhere. Oil prices rebounded briefly above $50 a barrel today after government data showed a surprise drop in U.S. crude inventories, offsetting skepticism over OPEC's planned output cut. Oil prices had fallen earlier on the back of bearish supply data from the American Petroleum Institute. U.S. commercial crude stockpiles fell by 553,000 barrels in the week ended Oct. 21, as reported by the U.S. Energy Information Administration (EIA).
The Dow rose 50+ points after briefly dropping more than 100 points this morning. The S&P 500 has been neutral today as financials and energy offset losses in real estate and tech. The Nasdaq has fallen -.27% with Apple shedding about 3% on the day.