Oil posted a weekly loss amid concerns over a slowing global economy and abundant crude supplies. Futures in New York fell 1.7 per cent this week. China reported the slowest pace of economic growth since the early 1990s last quarter, and US government data a day earlier showed American crude inventories expanding.
“The oil market continue to be incredibly focused on demand and we continue to see indications of ‘luke warm’ oil at best,” said Leo Mariani, energy analyst at Keybanc Capital Markets in Dallas. “We’ve seen a lot of business investment freeze up and that has impacted oil investments.”
US crude inventories rose by 9.3 million barrels in the week through Oct. 11, according to data from the Energy Information Administration, surpassing analyst estimates of a 3 million-barrel increase. Read More
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