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Oil Extends Losing Streak as Economic Woes Cloud Demand Outlook

  • U.S. oil inventories rise while demand indicators weaken
  • New York futures in midst of longest downturn in 10 months
Flares As Natural Gas Tumbles After 'Momentum Killer' U.S. Storage Gain
Photographer: Bronte Wittpenn/Bloomberg
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Oil extended its longest losing streak in 10 months, even as investors ramped up bets that the U.S. Federal Reserve will cut rates this month to bolster a flagging economy.

Futures in New York settled lower for the eighth straight session on Thursday, and remained on track for the largest weekly loss since July. Prices had earlier slumped 3.1% as a key measure of service-industry activity in the world’s biggest economy dropped, but reversed some losses as pressure mounted for the Fed to cut interest rates.