Due to South Korea’s heavy exposure to China, and overall growth of the Asian market, the Korean KOSPI Index—the Dow Jones for Korea—serves as a very nice leading indicator for the price of crude. As seen below, peaks and troughs in the KOSPI (red) tend to lead the overall price of crude (black) by anywhere from a couple months to a year. As of now, the KOSPI index is hitting new all-time highs with crude slowly playing catch up.