Crude Oil Volatility Diverges from VIX, U.S. Bond Swings: Chart

Oil volatility’s path shows a marked divergence from measures of swings in stocks and bonds. The CBOE Crude Oil Volatility Index, or OVX, is hovering near a five-month high as Saudi Arabia and Russia signaled they favor more output cuts, clashing with concern about a pick-up in U.S. shale supply. The VIX plunged to the lowest level since 1993 while the Merrill Lynch Option Volatility Estimate MOVE Index fell to levels not seen in more than two years.

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