Oil Prices Set for a Seventh Weekly Loss in a Row

Crude oil prices were set for their seventh weekly loss in a row as concern about oversupply and weaker demand wiped off any residual effect of the latest OPEC+ production cut agreement. Concern about oversupply emerged earlier this month after the Energy Information Administration reported that U.S. production of crude had reached a record high of 13.2 million barrels daily. The bearish news was reinforced by lingering doubts about the robustness of demand from China as evidenced by a slowdown in imports. Last month, these stood at the lowest…