Uncertainty is dominating the oil market this week, with recession fears being countered by physical tightness and growing supply risks.Oil market watchers have become senior macroeconomists lately, with price swings increasingly dependent on larger market sentiment. This week’s seesawing was in large part driven by the market expecting a 100 basis point hike, sending all global crude benchmarks crashing down to double digits, however as soon as the US Federal Reserve opted for a more modest 75 bps hike, ICE Brent bounced back to $102 per barrel. Following the recent hedge fund sell-off, it seems that there is still no […]