Oil Prices Set for Another Weekly Loss Despite War Premium

Despite a surge in oil prices this week on expectations of a major escalation in the Middle East, the benchmarks were set for their fourth weekly loss in a row as demand concern outweighed the war premium. Both Brent crude and West Texas Intermediate were up earlier in the day, but overall prices were down on last week, with Reuters citing a survey revealing a slowdown in manufacturing activity across most of the world and the third annual road traffic decline in China. PMI readings for July showed a slowdown in activity in Asia, Europe, and the…