market forces

Macroeconomic Fears Keep a Lead Weight on Oil

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A weaker macroeconomic backdrop and cracks in the global financial system have dropped oil prices out of the $80-$85 per barrel range where they have traded since early January. Oil has found direction, but it is not upward as many had assumed on the back of a recovery in Chinese demand. Oil balances show that the world can, for now, absorb some limits to Russian supply and rising demand from China. So far Russian exports remain resilient, while market bulls have consistently misjudged and mistimed China’s demand rebound.

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