“When you see an asset class in free fall, it’s hard to get excited about anything else. You’re not going to buy stocks because you’re afraid falling oil is a barometer for global GDP,” Hogan said.
Related: Making money as the Fed raises rates won’t be easy
Rig counts plunge: The oil rebound has been triggered at least in part by signs the energy industry is racing to fix the supply glut that caused prices to spiral lower. In recent weeks oil producers like BP (BP) and Chevron (CVX) have announced plans to slash capital spending and shelve certain projects.
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