Interesting take on oil prices from BlackRock's global CIO of equities, Bob Doll:
As a broader measure, we can also look to oil prices. After falling to a low in the mid $30 a barrel range in December, oil prices recently climbed back above $40 a barrel. While rising oil prices are generally regarded as a negative for stocks, we would argue that in the current environment, higher oil prices could be a sign of possible economic recovery. While the recent upturn is no doubt at least somewhat associated with tensions in the Middle East, oil prices do not bear close watching as a gague of overall economic health. On the same front, a renewed upturn in gold prices would present evidence of improving global economic health.