The oil market took a look at U.S. growth figures and decided they weren't just ugly�they were a double-bagger.

You've got company (AP)Crude futures, which had risen for two days on the back of interest rate cuts, fell back below $65 a barrel after third-quarter U.S. GDP numbers showed a 0.3% contraction in the world's biggest oil consumer. That sharpened minds in trading pits, as Bloomberg reports:

"The GDP number is a reminder that the economy, and with it energy demand, won't be recovering anytime soon," said Phil Flynn, senior trader at Alaron Trading Corp. in Chicago. "After yesterday's rally the focus is returning to fears about demand destruction."

Analysts that just a few months ago were forecasting $200 oil keep slashing their projections; UBS slashed its 2009 forecast from $105 a barrel to $65. With the global economy headed south for the winter, does anybody expect oil to bounce back?

Barclays Bank does. Their reasoning? All the panic about falling demand overlooks an even larger drop in supply. OPEC has already cut output twice and promises to keep cutting later this year.