That’s because the correlation between crude oil and stocks has not been stable over time. For several decades prior to 2000, for example, that correlation was negative, as you can see in the chart below. During those decades, higher oil prices in a given month led to below-average stock-market returns in the subsequent month.

Live Updates Live Coverage Updates appear automatically as they are published. Intel's Slams the Door on Car Business 11:26 am Newspaper The Oregonian reports that Intel (Nasdaq: INTC) will close its automotive chips division and lay off the majority of workers in that business.

An index of global shares hit a record high on Tuesday with oil prices plummeting further as market sentiment was lifted by the easing of Middle East tensions, after a shaky ceasefire between Israel and Iran began to take hold.