Oil had a wild week last week, even turning negative on Monday, April 20, as worries about lower demand in a sharp recession and where to store the actual barrels of oil sparked a historic rout.
“The reality is oil isn’t worthless, but at these levels it’s a mixed bag. For consumers, lower oil means lower gas prices,” explained LPL Financial Chief Investment Officer Burt White. “But on the other side, Russia and OPEC have flooded the oil market with cheap barrels and driven prices sharply lower, which hurts the United States as the largest producer in the world.”
For more of Burt’s thoughts on the oil market, please view our latest LPL Street View video.
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