Oil prices were up today but still down WoW as recession-driven demand fears accelerated the downturn despite global fuel supplies being tight. Central Banks around the globe raising interest rates and today’s bullish jobs report led to speculation that we could see the Fed be more aggressive. “The oil market is looking at the jobs report as a double-edged sword,” said Phil Flynn, an analyst at Price Futures Group. “The jobs number was positive from a demand perspective. On the bearish side, the market is concerned that if the jobs market is strong, the Fed can be more aggressive with raising rates.” Western bans on Russian oil exports have supported prices and sparked a re-routing of flows while the Organization of the Petroleum Exporting Countries (OPEC) and allied producers struggle to deliver on pledged production increases. WTI traded up $2.06 or 2.01% to close at $104.79. Brent traded up $2.37 or 2.27% to close at $107.02.