Oil Markets: Everything Is About Weak Demand

Oil prices recovered somewhat early on Friday morning, but handed in gains by noon as traders continue to worry about the state of the global economy. Oil prices dropped sharply during trading on Thursday but recovered on hopes of more aggressive action from the Federal Reserve. The U.S. jobs report on Friday revealed more weakness, but it wasn’t as poor as feared. Geopolitical risk has receded from the top of minds of oil traders. Everything is about weak demand now. OPEC production fell most in 16 years in September. Largely due to the…