Oil Prices Slide for 7 Weeks Straight on Oversupply and Demand Uncertainties
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Oil prices have fallen for 7 straight weeks, the longest losing streak in 5 years, due to oversupply amid rising production and uncertain demand.
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Increased output from major producers like OPEC and Russia has led to an oil glut, pushing prices down.
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COVID-19 uncertainties and variants like Omicron are weighing on oil demand and investor sentiment.
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Industries like airlines and shipping can benefit from lower fuel costs, while oil economies and energy firms face challenges.
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Oil demand is expected to recover as vaccines roll out further, but unpredictable factors could prolong the price slump.