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That puts OPEC on a collision course with US President Donald Trump, who publicly supports low oil prices and who has called on OPEC not to cut production.

Tuesday's 7% plunge in West Texas Intermediate (WTI) - the largest slump in more than 30 years of futures contracts - marked the 12th consecutive daily loss for the NY benchmark.

Brent crude, the European benchmark, was trading just above $65 a barrel while USA crude futures stood just below $56 - its lowest mark for 12 months.

OPEC has been making increasingly frequent public statements that it would start withholding crude in 2019 to tighten supply and prop up prices.

In addition to Trump's tweet, the price of oil has come under pressure because of fears that weakening economies outside of the US could diminish demand.

Crude oil has lost more than 25% of its value since early October in what has become one of the biggest declines since prices collapsed in 2014.

The price of oil fell below $70 on Friday for the first time since the beginning of April and stood at around $66 at 1100 GMT on November 15.

Oil markets struggled to find their footing on Wednesday after plunging by 7 percent the previous session, with surging supply and the specter of faltering demand keeping investors on edge.

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Phil Flynn, senior market analyst at Price Futures Group told the news site that the spat between Trump and OPEC was causing tensions in the global market. Prices "should be much lower based on supply", Trump said in a tweet, after Saudi Energy Minister Khalid Al-Falih said producers need to cut about 1 million barrels a day from October production levels.

US futures were on track to close lower for a record 12th straight session, with Tuesday's selloff the worst yet.

Capital Economics said it was clear that "fears over excess supply in the oil market are starting to build".

Both oil benchmarks are now trading firmly in bear market territory, having fallen more than 20 per cent from their 52-week highs.

The group meets on December 6 to set policy for 2019. Output, however, rose by 127,000 bpd to 32.9 million bpd, OPEC said. "While the countries buying the crude oil are going to pay more for the product, the oil producing countries are expected to make more money in the process", he said. USA output outstripped the production of Saudi Arabia and Russian Federation.

United States officials have already said the sanctions would be meant to bring down Iran's oil exports to zero.

He said emerging concerns about weak global demand, rising US production, and speculators rapidly bailing out of long positions were primary factors for the drop.

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