Abstract
This study examines crude oil prices throughout the world, as well as significant stock returns of European oil importers and exporters (the UK, Germany, France, Italy, Switzerland, and the Netherlands) (Norway and Russia). Indexes of sustainability stocks have a greater correlation with countries that import oil than with those that export oil. There was a stronger correlation between oil prices and stock prices both during and after the global financial meltdown in 2008. Study findings reveal a strong correlation between worldwide crude oil prices and major indices of countries that purchase or export oil. Our results have the potential to assist socially aware investors in hedging and diversifying their portfolios.
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