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Oil price jump won't hit US consumer spending, market bull Tony Dwyer predicts

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Canaccord Genuity's Tony Dwyer says Americans are spending less than ever on their fuel needs.

saw a similar move, rising $8.05 a barrel Monday to close at $62.90 a barrel.

In a note Monday, Dwyer said: "WTI spent most of the current quarter below the level 2Q/19 level, and Disposable Income has been moving higher, suggesting that — despite this uptick due to the drone attack in Saudi Arabia — the cost of Energy is likely less as a percent of income than the most recent quarter."

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