Still, oil prices aren’t expected to quickly rebound to the summer’s highs of $107 a barrel. “I don’t see anything in terms of supply or demand that’s going to push the prices of oil upwards,” said Hennion & Walsh chief investment officer Kevin Mahn in a call, predicting prices to remain in the $70s for the short term.

“That’s good for U.S. consumers, especially as we head into holiday season. It allows them to have a little bit more of disposable income in their pockets which will hopefully lead them to spend more in the stores,” he added. “Since 70% of our GDP comes from consumer spending, in the short term that should bode well for the stock market.”

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