Oil Prices Slide for Fifth Day on Demand Concerns

Crude oil prices extended a losing streak into its fifth day earlier today as expectations of weak demand weighed on benchmarks. Brent crude slipped below $76 per barrel and West Texas Intermediate was below $72 earlier in the day, despite the EIA’s Wednesday report that saw inventory draws across the crude and fuel board. There was also another reason for the price decline and it was the apparent belief among oil traders that OPEC will begin to roll back some of its production cuts—despite falling prices. OPEC has said quite clearly…