After oil prices hit the lowest in seven months earlier this week, they were tentatively rising early on Friday, but were still on course to post the fourth consecutive week of losses—the longest weekly losing streak since August 2015—as concerns over the stubbornly high global oversupply continue to trump OPEC’s efforts to rebalance the market. As of 7:20am EDT on Friday, WTI Crude was up 0.65 percent at US$44.75, while Brent Crude was trading up 1.04 percent at US$47.41. Both the prices of WTI and Brent have dropped by around 13 percent since May 25, when OPEC said it was rolling over the cuts into March 2018. A flurry of bearish news for the oil market followed one after the other this past week, sending oil prices even lower than at the levels they were trading before OPEC announced its production cut agreement in late November. First, OPEC said […]