Forex Marketz Daily Forex News – Fully Markets Update
Crude oil prices are down again as the U.S. WTI contract has fallen now for eleven straight trading sessions. This is that contract’s longest losing streak on record to date.
This current sell off with oil futures comes after Saudi energy minister Khalid al Falih said OPEC may need to reduce production by almost one million barrels per day.
This will hopefully reduce a potential oversupply. On Sunday, Falih said that Saudi production would be cut by 500,000 barrels per day in December.
Overnight, the U.S. West Texas Intermediate (WTI) crude contract closed down 26 cents at $59.93. It has fallen onto a deep bear market territory. The contract has never fallen for 11 straight days in over three decades.
WTI Brent Crude also falls Lower
The international benchmark, Brent crude, closed down six 6 cents to settle at $70.12 on Monday. This contract was for a brief time below $69 a barrel. This was its lowest level since April.
Oil contracts have fallen sharply over the past five weeks. Oil is being caught up in October’s market selloff. Traders are selling off at risk assets. Also, increasing supply from the United States, OPEC and Russia have hurt prices. There is also a forecast for slower than expected global economic growth. This has been hurting the black gold.
