Oil Prices Set For A Weekly Decline As Economic Concerns Mount

Oil prices have been on the rise for seven weeks but this could reverse this week, as concerns about China’s growth and U.S. interest rates take the upper hand again. In the past couple of months, that concern was displaced by growing unease about global supply as Saudi Arabia implemented and then extended production cuts that have seen its output drop to 9 million bpd. Drawdowns in global oil stocks also contributed to that unease, pushing prices higher and keeping them there for seven weeks in a row. Yet the latest economic data from China…