Two competing narratives have shaped the oil market so far in 2012, and are likely to continue to do so for the rest of the year, analysts say. On the one hand, macroeconomic gloom stemming from the European sovereign debt crisis and the sluggish US recovery have led many forecasters to predict slow growth in global demand, and perhaps even a slight drop in consumption in the world’s developed economies. On the other hand, fears of supply disruptions – most notably, the potential fallout from