It’s been a wild day for oil futures amid global financial turbulence spurred by a further collapse in the Russian ruble.
After West Texas Intermediate crude futures cracked $US54 for the first time in five years this morning, oil made a huge comeback breaking above $US57 a barrel.
But near 13:30 pm ET, WTI was back near $US55.50, roughly unchanged over the last day.
US stocks have also been volatile, with the Dow gaining as much as 235 points after opening down about 100 points. Near 12:30 pm ET, the Dow was up 140.
The big story in the market, however, remains the price of crude oil, which has been getting smashed in the last few few months and has seen losses accelerate in the last couple weeks.
And while this isn’t the first time crude has bounced higher before returning lower, those closely watching the market are looking for any signs of a bottom.
But as Jeff Gundlach said last week: “Oil will find a bottom when it starts going up.”