Fears Of A Global Financial Meltdown Loom Over Oil Markets

Oil prices received a jolt mid-week on rumors that OPEC+ might cut deeper and also because of a surprise drawdown in EIA inventory data. Nevertheless, economic cracks continue to dominate the narrative. The latest string of downbeat economic data came from Germany, where its manufacturing sector seems to be stuck in negative territory. The IHS Markit/BME Germany Manufacturing PMI showed a slight uptick in October to 41.9, up from 41.7 in September, but below market expectations of 42. Anything below 50 is considered a contraction in activity, so…