Oil Prices Continue 7-Week Slide Amid Oversupply Worries and Slowing Demand
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Oil prices have fallen for 7 straight weeks, the longest losing streak in 5 years, due to worries about oversupply and weakening demand.
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OPEC's promised production cuts are being shrugged off by markets which don't expect members to adhere to them.
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US oil production is ramping up, making it harder for OPEC to prop up prices through supply limits.
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There are concerns about declining crude demand in China as its economy shows further signs of weakness.
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Analysts don't expect oil prices to remain low long-term due to historical petroleum demand growth, but prices may stay lower in early 2024 if economic weakness persists.