U.S. crude prices fell Friday for a 10th consecutive session, sinking U.S. crude futures 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.

Crude futures are poised for their fifth straight week of losses as growing output from key producers and a deteriorating outlook for oil demand deepen a sell-off spurred by October’s broader market plunge. The drop marks a stunning reversal from last month, when oil prices hit nearly four-year highs as the market braced for potential shortages once U.S. sanctions on Iran, OPEC’s third biggest oil producer, snapped back into place.

Read more


Related Articles


Comments