The oil market, stuck in a rut as demand erodes, is trying to find itself.

At virtually zero growth on a year-to-year basis, oil demand is “feeling its mortality,” David Ernsberger, Platts global editorial director, oil, told attendees on Oct. 16 at its Commodity Week conference in Houston.

With Brent crude prices ranging from $125 per barrel to $91 earlier this year, a “battle for the soul of the market” is being waged between a stark rally and a stark slump, Ernsberger said.

Domestic production is at its highest level ...