Economic Concerns Drive Weekly Decline in Oil Prices

Oil prices, which have been on the rise for seven consecutive weeks, are set to decline this week due to concerns about China's economic growth and potential interest rate hikes in the United States. The latest economic data from China has raised fears about oil demand, while the prospect of more rate hikes in the U.S. has contributed to bearish sentiment. Despite these concerns, supply tightness and bullish bets from investors continue to support oil prices.