Oil Prices Are Set for a Third Consecutive Weekly Loss

Crude oil prices looked on track for a third weekly loss in a row, pressured by the perception of weaker-than-desired Chinese demand. Even so, oil made some gains earlier in the week, mostly on substantial inventory draws as reported by the American Petroleum Institute and the Energy Information Administration. The latest push for oil prices came from the U.S. Commerce Department, which reported GDP growth of 2.8% for the second quarter, attributing it to higher consumer spending and business investment. More U.S. economic data is due out later…