Recession fears remain elevated for key markets. Recession fears remain elevated for key markets, including the U.S. and EU, raising concerns over the strength of future oil demand. That’s what Fitch Solutions Country Risk & Industry Research analysts stated in a new report sent to Rigzone, which highlighted that the company has not changed its forecasts for Brent crude but noted that “the balance of risk to the outlook now lies largely to the downside”. The company is currently forecasting the Brent will average $105 per barrel this year and $100 per barrel in 2023. In the report, the analysts outlined that Brent crude reached a six-month low this week, closing at $92.3 per barrel on August 16, before recovering to around $95 per barrel. Prices were said to have been weakened by a surprise interest rate cut in China in response to disappointing economic data and a slowdown […]