Oil headed for the longest run of weekly declines in three years as turbulence in emerging markets and the ongoing trade conflict between the U.S. and China stirred fears that fuel demand may suffer. Futures have lost almost 3 percent in New York this week, their seventh straight decline. Turmoil in Turkey this month reverberated across financial markets in developing economies, while the outlook for a Chinese-American trade standoff remains uncertain. Oil supplies have also appeared more plentiful as U.S. crude inventories expanded by the most since 2017, OPEC raised output in July and Libya recovered some halted output.
Source: FuelFix
