It has been a week of pressure for the oil market. ICE Brent has fallen more than 8% since last Thursday, trading at its lowest levels since late May. Hawkish comments from the US Fed continue to weigh on risk assets, with concern that the Fed will have difficulty reining in inflation without pushing the US economy into recession. The move lower in oil appears to be almost exclusively driven by macro influences, while oil fundamentals still remain supportive. We just have to look at the time spreads, which have not followed the flat price lower over the week. Instead, the prompt ICE Brent time spread has actually ... (full story)