Commodities are showing little sign of shaking bearish momentum amid a string of economic warnings around the world.

Whether the market wants to push the oil well below $90/b amid potential OPEC production cuts, looming Russian sanctions and the end of SPR publications is the big question. Destruction of demand can be countered by reducing supply.

Prices are often a matter of perspective. At one level, the key S&P GSCI commodities index is down more than 20% from its June peak, but from…