Recession Fears Loom Over Oil Markets Once Again

Oil prices soared at the start of the week as OPEC+ shocked markets with a production cut announcement, but prices have since been capped by growing fears of demand destruction due to economic woes. Friday, March 31st, 2023Following the explosive rally in oil prices seen earlier this week, additional increases have been sluggish despite notable stock draws in both US crude and product inventories. With US demand coming back after a weak Q1 and OPEC+ getting really serious about curbing production, supply-side factors appear to indicate further…