The oil market is currently very much focused on the bearish signals, with prices reflecting fears of slowdown in China, a slowdown or recession in the U.S., and a recession in Europe. Global maritime trade is slowing down and freight rates are returning to more normal levels. Fitch: The Eurozone and UK are now expected to enter recession later this year, while the U.S. will suffer a mild recession in mid-2023. Oil prices have declined by around $30 a barrel since the recent peak in early June before the Fed and other central banks started aggressive interest rate hikes to fight runaway inflation. The tightening monetary policy is expected to slow economic growth, while several financial market indicators suggest that the markets expect recessions, which could slow global oil demand growth. The most closely watched major forecasters – OPEC, EIA, and the International Energy Agency (IEA) – continue to […]