Fears of recessions and weaker-than-expected oil demand have dominated oil market sentiment for most of the first half of this year. Yet, demand has even exceeded expectations in the spring, while the OPEC+ alliance is stepping in again to cut supply to the market. Oil prices have ignored the fundamentals so far as traders and speculators have remained focused on what sharply rising interest rates would do to economies. Few have thought, however, what soaring interest rates – and consequently, funding costs – would…
