(Bloomberg) — Oil headed for a weekly decline as rising U.S. crude inventories and new production elsewhere signaled that global markets will remain comfortably supplied.Futures slipped 0.5% in New York, bringing the loss this week to 1.3%. U.S. government data showed stockpiles expanded by 2.22 million barrels last week as production rose to a record, while the International Energy Agency said fresh supplies from America and beyond will continue to “calm” world markets in 2020. OPEC gave further signals it won’t step up efforts to support prices.Oil is down 15% since an April peak as the spat between Beijing and …read more
Source:: Yahoo Finance
