What's got global oil market so spooked? It is the economy, stupid

If the economic pessimism persists in 2019, expect oil prices to continue drifting lower as demand forecasts get cut

 It wasn’t meant to be like this.

Not only are oil prices down nearly 40 percent since early October, they’re below where they were when the OPEC+ group of producers began their first round of output cuts in January 2017.

There are two main factors behind this pessimism. The first stems from an undue skepticism about the group's willingness to trim output. The second follows from a negative view about the global outlook that is subject to change – and if it does, a sharp rebound is in store.

The recent Russian-brokered deal to cut around 1.2 million barrels a day from global