Oil can show the biggest weekly slump since July, Bloomberg reports. The reason is in rising risk of contagion due to emerging markets crisis. Growing inventories in central storage of US are also putting downside pressure on prices.

Futures in New York are stable today, but weekly losses already reached 2,8%. Emerging markets stocks do not show any signs of rising in the nearest time. This raises concerns about energy demand. MSCI Index for Emerging Markets lost 20% from its peak January level. Meanwhile, inventories in Cushing, Oklahoma have been growing for four weeks along with US inventories of gasoline.

On the other hand, expectations of US sanctions against Iran and limited capabilities of OPEC to increase output will not allow prices to fall too low.

Price of WTI oil with October delivery is $67,83 per barrel. Brent oil rose slightly and is traded for $76,52 per barrel. Weekly decline is 1,4% so far. Shanghai futures lost 0,9% and cost 515,5 yuan. They dropped 1,6% this week.