Oil is expected to drop for a third week as concerns about demand mount.
Source REUTERS Oil is expected to drop for a third week as concerns about demand mount. November 10, LONDON (Reuters) - Although oil prices increased on Friday, they are expected to decline for a third week due to decreasing demand and the focus of the market on OPEC and its allies this month for a crucial meeting that will decide the group's next course of action on production. At 1109 GMT, the January contract for Brent crude was up 84 cents, or 1.1%, at $80.85 a barrel, while the December contract for U.S. West Texas Intermediate (WTI) crude was up 78 cents, or 1%, at $76.52. Each contract is expected to decline by roughly 5% each week. "Concerns about demand have replaced the fear of production outages related to the Middle East conflict," stated Commerzbank. This week's weak Chinese economic data heightened concerns about declining demand. Furthermore, Chinese refiners, who purc