Oil Having a Bad Streak
Oil is about to mark the longest period of weekly declines in almost two years. US stockpiles are still incredibly high and Libyan output will soon hit the 4-year maximum as the country is planning to prompt up the production to 1m barrels a day by the end of next month. Today, futures dropped 3%. U.S. inventories have declined as well. Overall, the oil hit the 7-month low this week.