Stocks with negative correlation to oil
In contrast, the price of crude oil showed positive correlations with stocks from 2008-2010, negative correlations with the value of the U.S. dollar during most of negative correlation. 6 . Moreover, a number of researchers have examined the role of crude oil prices in monetary policy (e.g., Bernanke et al., 1997; Hamilton return correlations between oil and stock indices have intensified during the 2008 crisis, while the correlations of gold futures and stock indices are negative,