U.S. crude oil is expected to record its first weekly decline in three weeks, as the prospect of increased oil supply from Saudi Arabia puts pressure on oil prices. Meanwhile, the drop in oil prices was limited due to the news that China was stimulating the economy. As of press release, the West Texas Intermediate crude oil futures price, which is the benchmark for US crude oil prices, fell nearly 6% this week, while Brent crude oil, which is the benchmark for global crude oil prices, fell nearly 4%. Even the escalation of the Middle East conflict and the exchange of fire between Israel and Hezbollah in Lebanon did not stop oil prices from falling.

U.S. crude oil is expected to record its first weekly decline in three weeks, as the prospect of increased oil supply from Saudi Arabia puts pressure on oil prices. Meanwhile, the drop in oil prices was limited due to the news that China was stimulating the economy. As of press release, the West Texas Intermediate crude oil futures price, which is the benchmark for US crude oil prices, fell nearly 6% this week, while Brent crude oil, which is the benchmark for global crude oil prices, fell nearly 4%. Even the escalation of the Middle East conflict and the exchange of fire between Israel and Hezbollah in Lebanon have failed to stop oil prices from falling.