Oil gained amid a broader market rally as investors continued to weigh a tight market against concerns over a global economic slowdown. West Texas Intermediate rose above $86 a barrel, with a weaker dollar also making commodities priced in the currency more attractive. While time spreads are signaling tightness ahead of OPEC+ output cuts from November, bearish factors such weak Chinese demand and aggressive monetary policy from central banks continue to drag on the market. The market is in “limbo at the moment with a negative macro backdrop and a tighter supply outlook,” said Warren Patterson, the head of commodities strategy at ING Groep NV. “At the moment, I suspect the market is more worried about what implications a slowdown will have on demand.” Crude has lost around a third of its value since early June, erasing all the gains made after Russia’s invasion of Ukraine. European Union sanctions […]