Oil futures shrugged off a broader market selloff, sustained by a growing belief that even an economic slowdown would fail to alleviate an ongoing supply crunch. West Texas Intermediate futures rose to near $121, erasing over $3 of losses during the session. A growing chorus of market watchers believe that inventories are so fundamentally stretched even a recession wouldn’t cut demand enough to restore balance. Supplies are tighter than during other recessionary periods, said S&P Global Inc. Vice Chairman Daniel Yergin. “The supply situation is so razor thin,” he said in an interview on Bloomberg Television. Oil is up almost 60% this year as rebounding economic demand coincided with a tightening market following Russia’s invasion of Ukraine. The war has fanned inflation, driving up the cost of everything from food to fuels and some analysts are calling it the most bullish market they’ve ever seen. “Even faced with US […]