US crude posts its longest losing streak ever
Oil prices turned negative amid a sell-off in the U.S stock market Monday, with U.S. crude posting an 11th straight day of losses, its longest longest losing streak on record.
Crude futures looked set to break the streak earlier on Monday after Saudi energy minister Khalid al Falih said OPEC and its allies may need to cut crude production by about 1 million barrels per day to prevent the market from swinging into oversupply. On Sunday, Falih said the kingdom’s shipments would fall by 500,000 bpd in December.
“The stock market was pulling at the oil complex all day. We should have gotten more of rally at that Saudi commentary over the weekend,” said John Kilduff, founding partner at energy hedge fund Again Capital.
“It wasn’t a great looking rally after the weekend’s events.”
U.S. West Texas Intermediate crude settled 26 cents lower at $59.93 on Monday, falling deeper into bear market territory. The contract has never fallen for 11 straight days since it began trading in New York more than three decades ago.
Brent crude was up 22 cents at $70.40 a barrel by 2:27 p.m. ET on Monday. The international benchmark for oil prices settled at $70.18 on Friday, its weakest closing price in seven months.
Crude futures have pulled back sharply during the last five weeks, as oil got swept up in a broader market sell-off that saw investors shed risk assets in October. Rising oil supplies from the United States, OPEC and Russia and forecasts for weaker-than-expected demand growth have kept pressure on the market.
“It does look like demand is starting to come off a bit,” BP CEO Bob Dudley told CNBC at the ADIPEC oil and gas conference in Abu Dhabi on Monday.
https://www.msn.com/en-us/money/markets/us-crude-posts-its-longest-losing-streak-ever/ar-BBPuaDD?li=BBnbfcN
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Big big joke on We the People!!
