U.S. Crude Oil Posts Longest Losing Streak in Over 34 Years, Falling for 10th Day
November 9th, 2018Via: CNBC:
U.S. crude prices fell Friday for a 10th consecutive session, sinking deeper into bear market territory and wiping out the benchmark’s gains for the year.
The 10-day decline is the longest losing streak for U.S. crude since mid-1984, according to Refinitiv data.
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U.S. West Texas Intermediate crude settled 48 cents lower at $60.19 on Friday. The contract is now down nearly half a percent this year. It fell as low $59.26 on Friday, its weakest level in about nine months.
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Oil prices spiked in early October on fears that U.S. sanctions on Iran, OPEC’s third biggest oil producer, would thin out global petroleum supplies. However, the Trump administration granted temporary sanctions exemptions to eight countries, allowing Iranian crude exports to continue and easing concern about undersupply.
Analysts now expect the loss of exports from Iran to be less severe than anticipated.
Meanwhile, the world’s top three producers, the United States, Russia and Saudi Arabia are pumping at or near records. Other OPEC members and exporting nations are also turning on the taps.
Preliminary data this week suggests U.S. production has hit an all-time high at 11.6 million barrels per day.
