Macro Concerns Kill Off Oil Price Rally

Weaker-than-expected economic data out of China is depressing sentiment on the oil market at the beginning of this week, offsetting growing optimism that the U.S. economy would pull off a soft landing after all the rate hikes from the Fed.   Analysts and forecasting agencies expect a tightening market ahead with record global oil demand and curtailed supply from OPEC+ and Saudi Arabia.

Macroeconomic concerns about the world's largest and second-largest economies, the U.S. and China, respectively, persist. But fundamentals are turning more…