U.S. markets are being driven by the fall in oil, despite the Federal Reserve hinting at a December rate hike, Art Cashin said Thursday.
"When [oil] hit those lows this morning, it crushed the opening rally in stocks and took the Dow down to minus 50. They recovered when oil kind of stabilized," Cashin, UBS' director of floor operations at the New York Stock Exchange, told CNBC's "Power Lunch."
U.S. stocks have traded in a narrow range for most of Thursday's session despite opening higher. WTI crude settled down 2.42 percent.