Ignoring Oil Could 'Come Back to Bite the Market,' Warns Expert

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What exactly is driving the markets today?

Optimism.

While the West Texas Intermediate crude oil for June delivery dropped 25%, the major indices were all firmly in the green.

Remember just last week when the market seemed to be tied to oil?

Well, this week, with the possibility of various places around the world rolling back restrictions, investors are kicking off Monday bullish. 

But let's go over what's happening. 

Georgia is allowing restaurants and movie theaters to open up today after letting businesses such as nail parlors and hair salons open last Friday.

Governor Andrew Cuomo of New York has said that he could see New York beginning a phased opening starting May 15.

Italy is planning on rolling back some restrictions starting May 4.

And Switzerland is letting some businesses reopen starting today.

And, oil?

Crude oil prices tumbled on Monday. West Texas Intermediate crude oil for June delivery settled down 24.6% to $12.78 a barrel as crude inventories have risen as the coronavirus pandemic has led to an evaporation of demand.

Kenny Polcari, senior market strategist at SlateStone Wealth joined TheStreet to weigh in on the market. 

Watch the full video above for more.

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