Oil intermarket: takes off on OPEC and S&P 500 highly correlated

Oil and the S&P 500 are strongly correlated at the moment, with demand for U.S. assets has lifted Wall Street with optimism in the US economy and a Fed staying on hold for longer. 

Oil rallied hard today on the back of OPEC reaching a deal to limit oil production that was reported by Reuters to be executed in November. Details of this deal will come out later, but oil has breached a key technical level on the daily from early June highs on the charts while the S&P takes on 2,170 the high. A break in oil onto the $48 handle in WTI opens $48.70 August highs and the $50.00 psychological level again.

Sources: OPEC reaches deal to limit oil production, execution will be in Nov - RTRS