ARK's Cathie Wood weighs in on oil, sees $70 ceiling
May 11, 2021 2:24 PM ETCrude Oil Futures (CL1:COM), CO1:COMQQQ, USO, ARKK, COM, CO1:COM, CL1:COMBy: Kim Khan, SA News Editor259 Comments
- ARK Invest's Cathie Wood is weighing in on the energy market, saying that electric vehicles will keep crude from breaking out.
- Speaking at ARK's monthly webinar, Wood predicts "a very serious correction in commodity prices" and says that she would be "surprised" if oil prices hit $70 again, according to Bloomberg.
- WTI futures (CL1:COM) (NYSEARCA:USO) +0.5% are at $65.23 and Brent futures (CO1:COM) +0.3% are at $68.50.
- WTI was last consistently above $70 in late 2018.
- Wood also says that some market opportunities are "pretty incredible."
- The flagship ARK Innovation ETF (NYSEARCA:ARKK) +1.8% has made a strong comeback in today's session after opening down around 5% as major tech holdings struggled.
- The Nasdaq 100 (NASDAQ:QQQ) -0.4% has also cut losses after being down 2% earlier.
- Tesla -1.6%, ARKK's biggest holding, was down more than 6% at the start of trading.
- ARK shed a third of its Apple holdings in yesterday's selloff.
