Fears Of Economic Slowdown Cap Crude Prices

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 expect growth in global…