Oil

Oil markets will continue to be buffeted by Russian overtures to OPEC suggesting a desire to orchestrate a production cut-back, while uncertainty over the Fed's next move keeps markets on edge.

Any recovery in risk assets and selloff in safe havens is unlikely to extend into the cyclical horizon.

The Fed will upset the rebalancing of oil markets if it misreads the current sell-off as weakness in oil demand.

Equity selloff alone will not catch the Fed's eye unless there is an outright crash.