MTECHTIPS;-Crude Oil Prices – Weekly Outlook: August 20 – 24

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MTECHTIPS;-Crude Oil Prices – Weekly Outlook: August 20 – 24

MTECHTIPS-Oil traders will stay focused on a host of bearish factors currently affecting the crude market in the week ahead, after prices suffered yet another weekly loss last week.U.S. WTI crude posted its seventh straight weekly drop on Friday, marking its worst losing streak in three years, falling 2.5%.Brent, the global benchmark, meanwhile suffered its sixth week of declines in seven, sliding 1.3%.Worries that oversupply would weigh on the U.S. market and that a trade dispute between the United Stated and China would slow economic growth and hurt demand for oil have been at the forefront recently.Traders said the demand outlook for oil was also dimming due to economic trouble in Turke potentially spreading across emerging markets.Reports of faster supply increases from major global producers are also putting downward pressure on the market after the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers led by Russia agreed in June to ease production curbs to make up for lost supplies out of Libya, Venezuela and Iran

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