Last Friday Feb. 2, oil prices were right at $66 a barrel. In less than one week prices have plunged nearly $5 and will close around $60 a barrel today. Leaving many of us scratching our heads wondering what’s going to happen next.
Are the recent crazy swings in the stock market to blame? The Dow, which booked a record-breaking loss of 1,175 points Monday, has shed roughly 2,700 points since Friday amid a brisk retreat from all-time highs. Positive U.S. economic data, such as stronger wage growth and low unemployment, has raised Wall Street’s odds that Federal Reserve policymakers will raise interest rates faster than anticipated.
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