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U.S. oil pulled lower by global stocks; on track for eighth weekly decline

Published 2015-08-20, 09:10 p/m
© Reuters. U.S. oil pulled lower by global stocks; on track for eighth weekly decline
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SINGAPORE, Aug 21 (Reuters) - Oil prices resumed their
downward trend in early Asian trade on Friday with the U.S.
benchmark on track for its eighth weekly decline, pulled lower
by weaker global stock markets and concerns over an economic
slowdown in China.
U.S. crude for October delivery CLc1 was 23 cents lower at
$41.09 at 0058 GMT. The September contract CLU5 , which expired
on Thursday, ended 34 cents higher.
The U.S. benchmark hit 6-1/2 year lows near $40 a barrel on
Wednesday and Brent crude for October delivery LCOc1 was down
29 cents at $46.33, after settling 54 cents lower in the
previous session.
Asian stocks fell on Friday morning, following Wall Street
down as fears took hold of a China-led deceleration in global
growth. Chinese manufacturing data due later Friday will offer
the latest glimpse into the health of the world's second largest
economy. MKTS/GLOB
The dollar .DXY continued retreating on shrinking
expectations of an U.S. interest rate hike in September,
providing some support for oil prices.
Despite the rout in oil prices, some mutual funds keep
ploughing money into oil exploration and production companies in
the United States in a bet that production will retreat sharply
over the next 12 months, setting the stage for a rebound towards
$65-70 per barrel.

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