Oil prices were lower today starting off the session very red along with other financial markets but turned around later in the session. The market doesn’t seem to care at the moment about tensions heating up in the Middle East with all of the global attention at the moment on recession fears. Equities markets tumbled from Asia to North America as investors fled riskier assets while wagering that rapid interest rate cuts by the Federal Reserve will be needed to drive U.S. economic growth. “The stock market was falling as the (Friday) jobs report has the market convinced that the Fed once again fell behind the curve,” Phil Flynn, senior analyst with Price Futures Group, wrote in a morning note. WTI traded down $0.58 or -0.79% to close at $72.94. Brent traded down $0.51 or -0.66% to close at $76.30.