Oil extending record losing streak to 12th day

An
unidentified oil worker walks in front of a natural gas flame
burning off in the Persian Gulf desert oil field of Sakhir,
Bahrain.

AP/Hasan
Jamali

• 
  Oil prices fell for a 12th straight day Tuesday — the
  longest losing streak on record.
• President Donald Trump has recently pushed back against
  Saudi Arabia’s plans to increase production.
• Last week, US production hit a record 11.6 million
  barrels per day.
• 
  Watch oil trade live.

Oil prices fell for a 12th straight session Tuesday, the
longest streak on record, after President Donald Trump pushed
back against Saudi Arabia’s plan to increase its output.

West Texas Intermediate crude oil, the US benchamrk, and

Brent crude oil, the international benchmark, were both down
by about 2.3%, at $57.55 and $67.37 a barrel.

“Hopefully, Saudi Arabia and OPEC will not be cutting oil
production,” Trump
tweeted on Monday. “Oil prices should be much lower based on
supply!”

Late Sunday, Saudi Arabia’s energy minister, Khalid
Al-Falih, told reporters in Abu Dhabi that the kingdom was going
to
reduce its oil production by about 500,000 barrels a day in
December.  

Oil prices have
tumbled into a bear market — down at least 20% from their
October peaks — amid concerns of growing stockpiles. Earlier in
November, the
Trump administration granted eight countries temporary
waivers from the sanctions it placed against Iran that were
designed to cut off its oil from the rest of the
world
.

And data released last week by the Energy Information
Agency showed US oil inventories climbed by 5.8 million
barrels in the week to November 2, while production hit a weekly
record of 11.6 million barrels per day.    

The oil market had already been under pressure since the
beginning of October as trade tensions and concerns over rising
interest rates weighed.

Markets
Insider