Global Oil Market is in need of a compass. Or is greed at the core?

Oil markets are going for a showdown, as not only crude oil prices are soaring, but also the US dollar. While oil prices have soared by 30% in the last quarter, supported by continuing demand growth, dark clouds are building up on the horizon. Not only are major economies heading for a possible severe recession, especially in Europe, but inflation and interest rates are still not cooling down. To put even more pressure on all, news has emerged that China’s future crude oil demand could be peaking soon, even though the latter is still not confirmed and could be a media hype put in place by Beijing to cool down all to get lower prices overall. Still, signs are on orange, even for most bulls. Looking at equity markets, results are worrying already as they are in deep red. When looking at crude oil prices in general, OPEC Kingpin Saudi Arabia’s move to unilaterally cut an additional 1 million bpd from the market, on top of the already official OPEC+ cuts, has pushed all into a b...