The stream of bad news for oil investors continued this week, as news of a surprise U.S. inventory build was followed-up by weak Chinese manufacturing numbers.

While global production continues to outpace demand by more than 2.0 million barrels per day, weakening demand from China, the world’s second largest oil consumer, is compounding the downward pressure on oil prices.

Losing Streak

This week’s bad news sent U.S. crude prices lower to nearly $40 per barrel, its lowest level in about 6.5 years. The downward trajectory is nothing new to the U.S. oil market, which is currently caught in its longest weekly losing streak in 29 years.

OPEC Concerned, But Standing Fast

While many U.S. producers have been frantically shutting down rigs to reduce costs and increase efficiency, OPEC has stubbornly refused to scale back…

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