Oil Prices Under Pressure as Demand Pessimism Grows

Crude oil prices have weakened this week, as expectations of higher rates for longer in the U.S. were seen depressing demand for everything including oil. Lower volatility on oil markets as traders cut their bullish positions on crude also helped push oil lower earlier today—a trend that Bloomberg sees extending, as it cited yet another report of a drone attack on a Russian refinery as failing to produce any effect on international oil benchmarks. Since the start of the year, Brent crude has gained some 9% but the rate of increase has…