Oil’s sudden drop isn’t likely to last

Good morning, readers.?Oil is on the move again, but one bank says it should tick back up come summer. Meanwhile, JPMorgan's quant guru sticks to his outlook for stocks and we give an update on how the Fed's policy moves may impact the market.?

Here we go.?

Sign up here to receive Insider’s full 10 Things Before the Opening Bell newsletter — directly in your inbox.

1. Oil prices have dipped from recent highs, but expect another surge.?Oil down to $100 a barrel again is likely a short-lived phenomenon, UBS says. The Swiss bank expects tighter supplies to?push the commodity back to $125?this summer as waning COVID-19 lockdowns spur renewed demand for global travel.?

The abrupt pullback this week is tied to a wave of new virus infectious and subsequent lockdowns in China, while some hope for a ceasefire between Ukraine and Russia eases fears of lasting supply disruptions.?

But no matter how you cut it, oil exports and production will be hurt by sanctions, and the situation in China isn't likely to diminish oil demand for very long.?

Meanwhile, Saudi Arabia is in talks with China?for yuan-based oil sales, per a Wall Street Journal report,?which could deal a blow to the global dominance of the US dollar. For decades, the world's top oil exporter has traded crude exclusively in dollars, but a new agreement with China threatens to upend the status quo.?

Here's what to know:?

• About 80% of global oil sales are done in dollars, and the Saudis have used only US dollars since 1974.??
• Yuan-based transactions would bolster China's currency at the expense of the dollar.
• Crown Prince Mohammed bin Salam reportedly?snubbed Biden's request to discuss oil?last week.

In other news:

2. Global shares are in the green.?Optimism over Russia/Ukraine peace talks is helping bolster sentiment ahead of the Fed's highly anticipated rate rise.?Here's what's going on across the markets.

3. These 10 "out of consensus" stock picks will smash expectations in a market with 34% upside potential in the coming 12 months.?That's according to Bank of America analysts,?who think the market is most underestimating this particular group of stocks.?

4. A 29-year-old who scaled up an online contracting empire explained how anyone can get started.?She hired other freelancers, released an ebook, created online courses, and used Google Adsense and affiliate links.?She gave a breakdown of each of her unique income streams, and how to leverage them.

5. Men have had higher median weekly earnings than women for decades.?But that gap has narrowed over time, according to data from the Bureau of Labor Statistics.?In the last quarter of 2021, women had median weekly earnings that were 84.4% of men's earnings.

This is a condensed version of Insider’s 10 Things Before the Opening Bell newsletter. To see items 6-10, sign up here to receive the full newsletter in your inbox.

Plus, Insider has a wide array of industry-specific newsletters — see them all here.

This newsletter was curated by Phil Rosen.

Thoughts or questions? Sound off in the comments section below.