MTECHTIPS;-Crude Oil Prices – Weekly Outlook: August 6 – 10

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MTECHTIPS;-Crude Oil Prices – Weekly Outlook: August 6 – 10

MTECHTIPS-Oil traders will continue to focus on a slew of bearish factors affecting the market in the week ahead, including emerging evidence of oversupply and renewed worries over a slowdown in global demand. Crude prices have been on the back foot recently, with WTI posting its fifth straight weekly loss on Friday, while Brent suffered its fourth week of declines in five, amid reports of faster supply increases from major global producers. U.S. benchmark oil, September West Texas Intermediate crude, ended Friday’s session down 47 cents, or 0.7%, at $68.49 a barrel, with the contract down around 0.3% from last week’s finish. October Brent crude, the global benchmark, fell 24 cents to $73.21, with the contract marking a weekly loss of around 2.1%. Russian oil output rose by 150,000 barrels per day (bpd) in July from a month earlier, to 11.21 million bpd, energy ministry data showed on Thursday. Output by top exporter Saudi Arabia has also risen recently, to around 11 million bpd, and U.S. production is around that level as well, adding to indications of more ample supply

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