Oil Sinks to $40, Logs Longest Weekly Losing Streak in 29 Years

US oil prices dived again last week, threatening to dip below $40 a barrel for the first time since the financial crisis and notching their longest weekly losing streak since 1986, as a drop in Chinese manufacturing rattled global markets.World stock and currency markets joined an extended rout across raw materials this week, a slump accelerated 21st Aug. by data showing activity in China's factory sector shrank at its fastest pace in almost 6-1/2 years in August.With deepening gloom over demand growth from the world's second-biggest oil user, and expectations for a significant build-up in surplus oil stocks this autumn, dealers said most oil traders were unwilling to fight the tide.

US oil prices dived again last week, threatening to dip below $40 a barrel for the first time since the financial crisis and notching their longest weekly losing streak since 1986, as a drop in Chinese manufacturing rattled global markets.World stock and currency markets joined an extended rout across raw materials this week, a slump accelerated 21st Aug. by data showing activity in China’s factory sector shrank at its fastest pace in almost 6-1/2 years in August.With deepening gloom over demand growth from the world’s second-biggest oil user, and expectations for a significant build-up in surplus oil stocks this autumn, dealers said most oil traders were unwilling to fight the tide.

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