Oil is close to show the longest period of weekly declines in three years, Bloomberg reports. There are a lot of reasons for that: from fall at emerging markets to perspectives of higher global supply and concerns over trade conflict between biggest economies in the world.

This week futures in New York might demonstrate 3,3% decline. Price has been falling seven weeks in a row.

Crisis in Turkey this month hit developing economies. US inventories grew by the most since 2017. OPEC increased output in July. Perspective of US-China relations are still unclear.

All this factors caused oil price decline to about $65 a barrel.

WTI oil with September delivery is traded for $65,40 per barrel. It lost about 12% in last seven weeks. Price of Brent oil with delivery in October is $71,36 per barrel. This week price lost 2%. Shanghai futures cost about 500 yuan per barrel. This week they dropped by 1,8%.

US inventories rose by 6,81 million barrels despite of expected decline.