Oil Prices Continue Downward Trend with Longest Weekly Losing Streak Since November 2021.

Oil prices are set for their longest weekly losing streak since November 2021, with both WTI and Brent down early on Friday morning. Another build in US inventories, fears of a debt default, and China's patchy economic recovery continue to drive bearish sentiment. Despite signals that the US could begin buying crude soon to fill the Strategic Petroleum Reserve, concerns about oil demand in the near future outweighed any positive news.