Concerns about a recession in major oil-consuming markets have weighed on oil prices in recent weeks. Last week, oil dipped to the lowest level in six months, a level last seen before the Russian invasion of Ukraine. This drop was due to concerns about economic growth in China, the world's top crude oil importer, and in Europe and the U.S. amid high inflation and aggressive interest rate hikes. The oil market has turned bearish this summer due to fears of slowing oil demand in a recession. Add to this the still resilient Russian…
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