People have demonstrated that oil prices (especially in the short term) do not simply reflect supply and demand. It's a naive view. Especially as more "pure"

People have demonstrated that oil prices (especially in the short term) do not simply reflect supply and demand. It's a naive view. Especially as more "pure" speculators enter the market. They call this more "fast money" in the mkt. More highly leveraged participants, etc.. Those speculators impact price and generally speaking selling begets more selling and vice-versa - and you get a more volatile market. It has only been established a recent correlation between equities and oil. There could very well be factors driving both markets in the same direction, or it could be (and most people don't like to accept the concept) a good old-fashioned coincidence.