Oil Caps Biggest Weekly Loss Since August as Supply Glut Deepens
- Price hits 3-week low as supplies stay above seasonal average
- China cut its benchmark lending rate to counter slowdown
Why Crude Oil Prices May Hit $130 a Barrel in 2017
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Oil capped the biggest weekly decline since August as expanding U.S. crude stockpiles exacerbate a global glut.
West Texas Intermediate crude fell to a three-week low, widening its discount to Brent. U.S. inventories expanded for a fourth week through Oct. 16, keeping supplies more than 100 million barrels above the five-year seasonal average, according to the Energy Information Administration. Crude dropped even after China cut interest rates to help prop up its slowing economy.