Oil prices have traded below $100 per barrel since the beginning of August. A recession could weigh further on global oil demand, though many analysts are bullish on oil in 2023. The looming EU embargo on Russian seaborne oil imports at the end of this year is also expected to push prices higher. Oil prices have consistently traded below $100 per barrel so far in August, weighed down by fears of demand destruction, concerns about looming recessions in Europe and the U.S., and market apprehension about the economic growth in the world’s top crude oil importer, China. But, absent a deep recession that would sink global oil demand, prices are set to increase toward the end of the year and early next year, some analysts say. Most point to the very limited spare capacity both with U.S. shale producers and the OPEC+ group as a key factor that will […]