Oil costs fall, with U.S. benchmark beneath $60 and down a record 11 sessions consecutively
Oil costs declined on Monday, surrendering prior increases to push the U.S. benchmark underneath $60 a barrel out of the blue since February, down a record 11 sessions in succession, after President Donald Trump said he trusts OPEC doesn’t cut rough generation.
“The mix of the powerless securities exchange and the Donald Trump tweet had oil surrender its additions,” said Phil Flynn, senior market expert at Price Futures Group. “Oil is in a debilitated specialized position and we had lighter than typical volume because of the Veterans Day occasion.”
Furthermore, “let be honest—OPEC and Trump are grinding away,” he said.Trump said in a tweet Monday that he trusts Saudi Arabia and OPEC won’t cut oil creation and said oil costs ought to be much lower dependent on supply.
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