Oil's Decline Stretches to Third Week as `Fear Selling' Spreads
- Risk aversion spilling into oil trading, says Price’s Flynn
- Rig count expansion signals U.S. output will keep rising
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Oil tumbled for a third straight week as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth
Friday’s 0.4 percent gain New York-traded futures wasn’t enough to halt a 2.2 percent decline for the week. Eight of every 10 stocks in the S&P 500 were in retreat as a cavalcade of negative news killed investors’ appetites for risk. A closely watched tally of U.S. rig activity indicated drillers intend to step up crude output.