Hedge Funds Sell More oil as Economic Outlook Worsens (TheDailystar.net) Hedge funds sold petroleum futures and options for the second week running as the post-attack bounce in oil prices evaporated and attention shifted to the deteriorating condition of the global economy. Hedge funds and other money managers sold the equivalent of 96 million barrels in the six most important futures and options contracts linked to oil prices in the week to Oct. 1, the largest reduction in nearly four months.
%% Most likely due to oil downtrends, supply ; much easier to figure than all the nations groWth.....................................................
Naturally the oil markets and the equity markets are highly correlated. Oil supply and oil (refined products) demand is going to have a more pronounced effect on oil price. Otherwise, we'd have $75 - $100+ barrel prices at current stock market valuations. The drone attack damage to Saudi oil facilities was much lighter than originally feared.