The oil market came under pressure with the rest of the commodities complex yesterday. ICE Brent traded as low as US$107.03/bbl at one stage. Growing fears over a recession have weighed on risk assets, and comments from Jerome Powell during his congressional testimony would not have helped. Powell commented that a soft landing would be "very challenging". However, the issue for the oil market is on the supply side. Russian supply disruptions and limited OPEC spare capacity should continue to offer support to the market. Although clearly, a slowdown in global growth is a risk to oil demand, which could help ease some ... (full story)