(Bloomberg) — Oil in New York is poised for the biggest weekly decline since early June after gains in the dollar reduced the appeal of commodities priced in the U.S. currency, with concerns about over-supply mounting.Futures are down 4.7% this week, set for the first weekly loss since the end of July, with the biggest slide in U.S. equities in almost three months adding to the bearish sentiment. Meanwhile, the one-month timespread for West Texas Intermediate oil is near the widest contango since June, indicating investors are concerned about supply amid virus-driven demand destruction.Oil is off to a weak start …read more
Source:: Yahoo Finance
