Oil prices plunge more than US$ 20 a barrel since start of October
- 5 years ago
The oil market is seeing a stunning price drop, falling below 60 U.S. dollars a barrel on Tuesday after an increase in supply.
A month ago, traders were concerned that a looming oil shortage would push prices above 100 dollars a barrel.
Now, supply has increased… causing oil prices to plunge more than 20 dollars a barrel since the start of October.
Along the way, West Texas Intermediate crude has posted its longest losing streak since it began trading in New York more than three decades ago,… settling at 55-point-six-nine U.S. dollars a barrel on Tuesday.
The latest drop came after oil cartel OPEC agreed to relax curbs in place since 2017 after pressure from U.S. President Donald Trump.
Trump called on OPEC to increase production to offset any decline from the reimposed sanctions against Iran.
A month ago, traders were concerned that a looming oil shortage would push prices above 100 dollars a barrel.
Now, supply has increased… causing oil prices to plunge more than 20 dollars a barrel since the start of October.
Along the way, West Texas Intermediate crude has posted its longest losing streak since it began trading in New York more than three decades ago,… settling at 55-point-six-nine U.S. dollars a barrel on Tuesday.
The latest drop came after oil cartel OPEC agreed to relax curbs in place since 2017 after pressure from U.S. President Donald Trump.
Trump called on OPEC to increase production to offset any decline from the reimposed sanctions against Iran.