The stockmarket seldom moves up or down in a straight line. After good gains a few days previously, the FTSE and DOW came down a little bit yesterday, maybe profit taking, coupled with any dismal news.
Oil price remains too high, in my view, and regions not able to assuage those high prices will see a slowdown, with demand-destruction for Oil. I say this lightly, but when you remove the 15 percent 'war premium' factor and another 5 percent which Saudi Oil Minister said has been on top of the price over last three months, a realistic price for crude would be about $100 Brent and $85 WTI or Nymex. At those prices, the worldwide economic Recovery would be sustainable.
Otherwise if the prices remain stubbornly high, the next scenario will be a mild recession in the U.S. within a few months, having a knock on effect on developing economies which export to the U.S. or rely on outsourced work. I don't like to paint a gloomy picture, but it is better to forewarn of what could happen unless Oil price goes down, not by pennies or a few dollars.
Everybody uses oil, including farmers, then produce prices start to go up, resulting in high fruit and veg prices, bread, everything. To keep inflation at a reasonable level, it is essential to petition for a lower oil price.