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Quentin D. Solano

Oil headed to $10? China may be in the driver’s seat

So another week begins, and many investors may be wondering how many records will be broken now — at least those that have nothing to do with Mother Nature.

That synchronized global uptrend is looking pretty intact, with almost every major world equity index at or near record highs. Asia has kept that going, and the Dow looks set for a fresh high this morning. Note that it’s been an incredible 236 days since the S&P 500 has had a decline of at least 3%.

This so-called “euphoriameter” says it all:

But alas, not all assets have been joining the party. Oil — incidentally trekking up this morning on unrest in Iraq and questions about the Iran nuclear deal — is set to finish the year with a whimper.

That leads us to our call of the day, which predicts things won’t get better for crude prices. In fact, they will probably get much worse thanks to China, according to Nick Cunningham, who tracks oil and the renewable energy beat.

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