Physical oil prices around the world have begun to sag alongside futures, reflecting less alarm over Russian-led supply disruptions along with heightened worries about a possible global economic slowdown. “The market is very bearish at this moment. No one is in a hurry to buy,” a Singapore-based trader said. Lower-than-usual U.S. gasoline demand during peak summer driving season and contracting factory activity in China indicate that high prices cut consumption in the world’s top oil consumers, analysts and traders said. That is a stark contrast from last month, when physical market activity suggested buyers were more worried about securing supplies. read more The market for prompt oil supplies has slowed, traders told Reuters, with offers slumping for West African, North Sea, Mediterranean and Middle East crudes. Prices rose in the spring on fears Russia’s invasion of Ukraine and Western sanctions would take millions of […]