US crude plunges to one-year low, extending record losing streak [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
show chapters Oil prices fell to a one-year low on Tuesday, deepening a rout that has plunged the energy complex into a bear market as growing supply is poised to swamp demand next year. The latest drop came after President Donald Trump urged OPEC and Saudi Arabia to maintain their current policy of gradually increasing output, which helps to cap oil prices. OPEC and its oil allies are mulling a fresh round of production cuts following a collapse in prices over the last six weeks. The group could announce the new output curbs at a meeting next month, but Trump's intervention injects uncertainty into the alliance's decision-making. U.S. West Texas Intermediate crude ended Tuesday's session down $4.24, or 7.1 percent, at $55.69, its lowest closing price since Nov. 16, 2017. Tuesday's decline extended WTI's record losing streak into a 12th consecutive session. Brent crude fell $4.28 a barrel, or 6.1 percent, to $65.84 by 2:25 p.m. ET, after
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