Oil Heads for Longest Weekly Losing Streak Since 1986 - Bloomberg

Oil Heads for Longest Weekly Losing Streak Since 1986 - Bloomberg:



"Oil headed for the longest run of weekly declines since March 1986 as OPEC forecast weaker demand for its crude, adding to signs that a global supply glut that spurred last year’s price collapse may persist.



Futures swung between gains and losses in New York and are set for an eighth weekly drop. Demand for oil from the Organization of Petroleum Exporting Countries will average 28.8 million barrels a day, the lowest in 12 years, the group said in a report on Jan. 15. Venezuela, one of OPEC’s 12 members, is seeking to coordinate a plan to calm prices, according to President Nicolas Maduro.



Oil fell almost 50 percent last year, the most since the 2008 financial crisis, as supplies swelled amid the fastest pace of U.S. production in more than three decades while OPEC resisted calls to cut output. Goldman Sachs Group Inc. and Societe Generale SA were among banks to reduce their price forecasts this week."



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