US oil prices plummeted 7.1 % on 13 November , chalking up a record 12 straight days of inflation , as OPEC said production increases from the group and Russia more than offset losses from Iran , and lowered its forecasts for demand growth for this month and next . U.S. oil prices sank deeper into a bear market Tuesday, posting their steepest fall in over three years and a record 12 consecutive days of declines, as fears of oversupply and weakening demand gripped the market. Output from OPEC members climbed by 127,000 barrels a day in October and Russia ’s production rose 50,000 barrels a day , OPEC said in its monthly report . Iran ’s production fell by 156,000 barrels a day in the month .
US oil prices plummeted 7.1 % on 13 November , chalking up a record 12 straight days of inflation , as OPEC said production increases from the group and Russia more than offset losses from Iran , and lowered its forecasts for demand growth for this month and next . Output from OPEC members climbed by 127,000 barrels a day in October and Russia ’s production rose 50,000 barrels a day , OPEC said in its monthly report . Iran ’s production fell by 156,000 barrels a day in the month .