Oil was trading lower on both sides of the Atlantic Friday morning, retreating after a bounce the previous day and still hovering close to multiyear lows. Oil is now trading at such a low level that it’s started to stimulate some demand, said analysts at Energy Aspects. “The drop in prices has started to support oil demand to a certain extent, with Asian demand showing some signs of life,” they said. However, further falls on Friday morning indicate that any stimulus is weak, and the market is still struggling with oversupply and the prospect that the glut of oil will only increase in the new year. Energy Aspects said “even with the improvement in demand, supplies remain well ahead of demand growth, partly due to the end of seasonal maintenance but primarily as OPEC production continues to increase.” The Organization of the Petroleum Exporting Countries is […]