Trump's Criticism Of Saudi Arabia Adds To Oil Price Decline [Investor's Business Daily]
ING GROUP (ISF)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
Company Research
Source: Investors Business Daily
Oil prices headed toward a 12th day of retreating, its longest losing streak on record. Futures steered south after President Trump criticized Saudi Arabia's plan to cut output. West Texas Intermediate futures in New York sank as much as 2.8%, extending a drop of more than 11% since Oct. 26. Prices "should be much lower based on supply," Trump said in a tweet. Saudi Energy Minister Khalid Al-Falih said producers need to cut about 1 million barrels a day. Meanwhile, OPEC said in its monthly report released Tuesday that it sees demand for its own crude falling even faster than expected in 2019. A slowing global economy is expected to crimp demand even as rival supplies surge. Oil has fallen from a four-year high reached in early October. Fears of a supply glut have deepened following a U.S. decision to grant waivers to some buyers of sanctioned Iranian crude. With rising American output and inventories, and a trade war with China stoking concerns over global economic growth, Trump's Twi
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