Oil Prices Set for Another Weekly Loss

Crude oil prices inched up earlier today but remained on course for yet another weekly loss after the U.S. Federal Reserve signaled once again it had no immediate plans to start cutting rates. The Energy Information Administration’s weekly oil inventory report also helped depress prices as it estimated a considerable build in inventories, implying weaker demand—just like the Fed’s policy on interest rates. With rates at the highest in over two decades, concern about U.S. oil demand is quite legitimate. Add to this there…