Oil Prices On Track For A Third Consecutive Week Of Gains

Crude oil prices were set for a third week of increases today, lifted by the growing imbalance between demand and supply, and by China’s latest industrial output report, which showed faster-than-expected growth in August. Brent crude was trading above $94 per barrel at the time of writing while West Texas Intermediate flirted with the $91 per barrel mark. Bullish sentiment only increased on the news that Chinese refiners broke refining rate records in August. They processed an average daily of 15.23 million barrels, which was 19.6% higher…