Oil extends record losing streak as Trump blasts Saudi plan
Oil’s unprecedented decline deepened as investors fled a market hammered by swelling excess supplies, a darkening demand outlook and U.S. President Donald Trump’s Twitter critique of the world’s biggest crude exporter.
Futures plunged about 6 percent in New York and London on Tuesday. OPEC’s dire forecast for 2019 demand came at a time of steadily rising American production and stockpiles. Trump admonished Saudi Arabia for planning to curb output in a matter of weeks and lamented prices that dipped below $57 a barrel for the first time since December.
“This tweet certainly did not help prices,” said Warren Patterson, a senior commodities strategist at ING Bank NV. “Given the growing global surplus over the first half of 2019, OPEC will likely try to ignore President Trump’s call as much as possible.”
West Texas Intermediate futures have fallen for a record 12 sessions on fears of a supply glut similar to the price-killing surplus of 2014 is redeveloping. In London, Brent futures have declined in 11 of the past 12 sessions. Money managers’ combined bullish positions in WTI and Brent sank to the lowest in 14 months as of Nov. 6, Commodity Futures Trading Commission data show, as long positions shrank and shorts increased.
https://www.msn.com/en-us/money/markets/oil-extends-record-losing-streak-as-trump-blasts-saudi-plan/ar-BBPDI27?li=BBnbfcN
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