Oil Having a Bad Streak

Forex News

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.