Oil likely to snap 7-week winning streak as China's economic woes counters tighter supply; Brent drops to $84/bbl | Mint - Mint
Oil likely to snap 7-week winning streak as China's economic woes counters tighter supply; Brent drops to $84/bbl | Mint
Oil prices are on track to settle lower this week following seven straight week of gains, as China's economic slowdown - including the latest property crisis, eclipsed signs of a tighter supply. The seven-week upswing in prices, boosted by supply cuts by the Organization of the Petroleum Exporting Countries and allies (OPEC+), was the longest streak for both benchmarks this year.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.