While the question of supply vs demand in global oil markets is merely different sides of the same coin, we hope the following "name that chart" image provides some clarifying perspective on what is really dragging oil prices lower...
Nope... they are not the same... one of these is a commodity that is crashing but is believed to be "unequivocally" good for the global economy... the other is the global economy!!
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DO NOT LOOK BELOW HERE UNTIL YOU GUESS... DON'T DO IT!!!!
and yes, we know correlation does not imply causation' but... if it quacks like a duck, cook it.
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You decide... steady supply into globally crushed demand...