Global deflation aka. "demand" with oil:
Sept. 13, 2016
IEA Cuts Oil Demand Forecast
The IEA’s closely watched monthly oil-market report marked an abrupt shift for an agency that a month ago said the world’s oil glut had begun disappearing. The Organization of the Petroleum Exporting Countries also surprised the market this week with a report that oil production outside the cartel was proving more resilient than expected.
Ironically at low price levels (glut conditions) all oil producers including OPEC are price takers, as predicted by Econ 101:
Frackers used the bounce in oil prices to refinance:
Oil with S&P