WTI Oil in Longest Run of Weekly Declines Since 2012 - Bloomberg

WTI Oil in Longest Run of Weekly Declines Since 2012 - Bloomberg:

"West Texas Intermediate headed for its longest run of weekly declines since June 2012 as an increase in Chinese manufacturing failed to counter signs that oil markets are well supplied.
Futures have lost 1.7 percent this week in New York for a fourth weekly drop. Prices will probably extend losses next week because of rising crude stockpiles in the U.S., the world’s largest oil consumer, according to a Bloomberg survey. China’s Purchasing Manager’s Index (CPMINDX) was 51.4 in October, the highest in 18 months and more than the median estimate of 51.2 in a Bloomberg News survey of economists. A separate manufacturing indicator also climbed.
“A sharp slowdown in refiner demand and continued strong inventory builds” in the U.S. have weighed on prices, said Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “We’ve seen a bit of a recovery in China, but this quarter may be the best for a while.”"

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