•Global crude futures were relatively stable in early morning trading Thursday, with market participants keeping a keen eye on developments in equity markets.

•Wednesday's US Energy Information Administration data revealed a bearish set of indicators with a 8.1 million barrel build on crude stocks. Demand data also exacerbated the bearish mood with total product demand in the US having slumped to 18.66 million barrels over the last four-week period, down 8.6% year on year.

•The waning demand picture subsequently encouraged talk of an OPEC production cut among many market participants. "Be it in November or in December, be it formally or informally, OPEC will need to reduce production not because the price is currently too low but because there is not enough demand." energy analyst Olivier Jakob said in a Petromatrix report

Updated: October 9, 2008