Oil suffers longest weekly losing streak since 1986
U.S. oil futures on Friday settled below $41 a barrel for the first time since the Great Recession to suffer an eighth straight weekly loss—the longest streak of weekly losses since 1986.
Prices sank to intraday lows under $40 after data from Baker Hughes BHI, -3.62% showed that the number of active U.S. oil drilling rigs rose 2 to 674 as of Aug. 21.
Weaker-than-expected Chinese manufacturing data and a sharp declines in the U.S. stock market also spurred worries about the outlook for energy demand.
West Texas Intermediate crude for October delivery CLV5, -2.37% fell 87 cents, or 2.1%, to settle at $40.45 on the New York Mercantile Exchange. The October contract, which become the front month at Thursday’s settlement, posted a weekly gain of 6.2%.
Based on the most-active contracts, futures prices marked their lowest settlement since March 2, 2009 and saw weekly loss of 4.8%, their eighth weekly decline in a row.
Nymex prices haven’t seen a streak of that many weekly losses since the 10-week stretch of losses that ended on March 7, 1986, according to FactSet data. (by Myra P. Saefong and Eric Yep, Market Watch)
West Texas Intermediate crude for October delivery CLV5, -2.37% fell 87 cents, or 2.1%, to settle at $40.45 on the New York Mercantile Exchange. The October contract, which become the front month at Thursday’s settlement, posted a weekly gain of 6.2%.
Based on the most-active contracts, futures prices marked their lowest settlement since March 2, 2009 and saw weekly loss of 4.8%, their eighth weekly decline in a row.
Nymex prices haven’t seen a streak of that many weekly losses since the 10-week stretch of losses that ended on March 7, 1986, according to FactSet data. (by Myra P. Saefong and Eric Yep, Market Watch)