"This year, the markets have registered enormous gains in oil, and if in fact all major economies are slowing, oil demand growth with slow, driving oil and its products lower," Dawson said. "But that doesn't mean the long-term bull market is over. We would need a sustained reduction oil consumption, not just a reduction in growth, to end oil's long-term bull market."

Further, Dawson said he sees little evidence that investors are exiting oil and other commodities as inflation hedges. "There's no-doubt short-term trading-related selling going on, but I don't see a downturn in inflation ahead, so institutional investors in oil and other commodities as inflation hedges are not likely to reduce their positions. Rising inflation is something that's going to endure," Dawson said.

Oil Analysis: Indeed, as Dawson outlined, slower global growth will ease price pressures on oil, but investors and traders should keep in mind that large, sustained reductions in oil consumption, not just consumption growth, would be needed to break oil's record run. To date, there's little evidence of demand reduction outside the United States, in which gasoline consumption has declined on a year-over-year basis; U.S. heating oil consumption may decline later this year as well. But absent reduced oil consumption from Asia, it's hard to foresee an end to oil's bull run.