Oil Suffers Double Whammy In Weakest Week Since March

Oil prices are likely to record their worst week since March under the double blow of additional OPEC supply coming to markets and unfavorable fuel inventory data from the United States. What started as a relatively strong week for benchmarks turned into a slide on Wednesday after the Energy Information Administration reported yet another sizeable crude oil inventory draw with builds in both gasoline and middle distillates, at 1 million barrels and 3.7 million barrels, respectively. Meanwhile, Saudi Arabia and the United Arab Emirates moved closer…