SPDR S&P Oil & Gas Exploration & Production ETF [XOP]

Oil traders have had to balance mixed signals on the oil demand outlook this week.

Crude oil markets have rallied a bit for the week, bouncing from a bit of an oversold condition. However, the overall trend has not changed.

The crude oil markets have fallen a bit during the trading session on Friday as we continue to see downward pressure overall due to a fear of the economy slowing down.

Oil pulls back as traders take some profits off the table after the recent rebound.

Motorists' relief at the falling cost of filling up their gas tanks may be short-lived.

Oil futures lost ground Friday, but remained on track for a weekly rise as fears of a sharp global economic slowdown eased.

OPEC expects global oil markets to tip into a surplus as the I.E.A. boosted its forecast for global demand growth this year.

Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency (IEA), but benchmark contracts were headed for weekly gains as recession fears eased.

Damien Courvalin, Goldman Sachs Head of Energy Research, spoke with Alix Steel and Guy Johnson on "Bloomberg Markets: Americas" on Thursday morning. He feels oil prices are set to rise.

A pipeline problem halts operations at seven offshore oil platforms in the Gulf of Mexico off the Louisiana coast operated by Shell, Chevron and Equinor and affecting the Mars and Amberjack Pipelines.