Oil prices fell anew on Tuesday, continuing a slide that has West Texas Intermediate crude in the grips of the biggest losing streak in more than 30 years.
Picking up on losses that heated up in Monday’s extended session, crude for December delivery
fell 78 cents, or 1.3% to $59.13 a barrel. Another down day for oil will mark the 12th consecutive decline, the longest series of losses for the commodity since WTI started trading in 1983, according to Dow Jones Market Data. Monday marked an 11th straight loss for the contract.
After falling into a bear market last week—defined as a drop of at least 20% from a recent peak—a tweet by President Donald Trump on Monday added to oil’s woes, as he voiced disapproval over a potential production cut by Saudi Arabia and OPEC, and said prices “should be much lower based on supply!”
dropped 62 cents, or 0.9%, to $69.49 a barrel. Brent is also flirting with bear-market territory.
With “trade wars remaining front and center, the likelihood of a global economic slowdown increases and when you compound that with the impending shale oil shocker as U.S. producer continue to pump, OPEC has their work cut out to tame the growing supply beast,” said Stephen Innes, Asia-Pacific head of trading at Oanda, in a note to clients.
Rising production and a softening in U.S. oil sanctions on Iran, that included waivers for big crude importers like China, which helped to contribute to a whipsaw lower for oil prices.
meanwhile, continued climbing, with the December contract up nearly 4% to $3.936 per million British thermal units, after on Monday hitting its highest finish in nearly two years as traders fretted over tight supplies and cold weather.
— Mark DeCambre contributed to this article
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