Oil Prices Set For A Second Consecutive Weekly Loss As War Premium Fades

Crude oil prices looked set for a second weekly decline as the war premium stemming from the conflict in the Middle East continued to lose its hold over traders. In addition to the lower war premium due to continued containment of the Israel-Hamas war, prices were affected by the latest economic data from China, which showed an unexpected contraction in manufacturing activity in October, sparking once again questions about oil demand.

"Oil prices have managed to ride on the improved risk environment higher, as markets continue to bask in the hopes…