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Chart of the week: Lower oil prices helping stocks

Rising oil prices in late 2023 and early 2024 represented a growing risk to stocks. Those prices were driven higher, in part, on fears of an expanding war in the Middle East. However, since the near-term peak in early April, oil prices have come down dramatically as the war premium has abated. Also, major oil-producing nations recently decided to unwind production cuts later this year. As a result, lower prices have helped stocks climb to new record highs.

Source: FactSet, as of June 5, 2024.

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