Economics
Oil Posts Longest Losing Run Since 2015 Amid Economic Fears
- Seventh weekly slide on Turkey-driven tumult, stockpile gain
- Commodities clawed back some losses after Wednesday tumble
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Oil posted its biggest weekly loss in five weeks and its longest run of weekly declines in three years on lingering fears of an emerging market demand slowdown and building U.S. stockpiles.
Futures added 0.7 percent in New York amid a slipping dollar, strengthening copper and another labor strike at North Sea oil and gas platforms. But, prices remained lower on the week. West Texas Intermediate, the U.S. crude benchmark, dropped 2.5 percent this week, the most since July 13 as turmoil in Turkey and the continued Chinese-American tariff battle rattled investor concerns about demand.