Oil Prices Headed For Weekly Loss Despite Saudi Arabia’s Production Cut

Crude oil was heading for the second week of losses in a row despite the additional production cut Saudi Arabia announced at last Sunday’s OPEC+ meeting. In morning trade in Asia today, Brent crude was changing hands for less than $76 per barrel and West Texas Intermediate was trading at below $71. Both were down from close on Thursday. It appears that traders are still more concerned about oil demand than they are about the adequacy of supply. With news like Germany’s and the eurozone’s recession, a decline in Chinese manufacturing…