World oil markets have undergone a U-turn, switching from supply-side risks like OPEC’s production cuts or U.S. sanctions against producers Iran and Venezuela, analysts said, to concerns of slowing consumption amid fears of a global recession. As a result, crude oil prices have turned a 45% price rally in the first four months of the year into a slump of more than 15% since late April. [O/R] U.S. investment bank Goldman Sachs said on Wednesday that weakening economic growth and lower oil demand expectations were “the largest driver of the move lower over the past month” in crude oil prices. And with the outlook dim amid trade disputes – especially the one that has led to an expanding exchange of tariffs between China and the […]