US oil prices plummeted 7.1% on 13 November , chalking up a record 12 straight days of declines, as OPEC said production increases from the group and Russia more than offset losses from Iran , and lowered its forecasts for demand growth for October 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 13 November and Russia ’s production rose 156,000 barrels a day, OPEC said in its monthly report. Russia ’s production fell by 156,000 barrels a day in the period.
US oil prices plummeted 7.1% on 13 November , chalking up a record 12 straight days of declines, as OPEC said production increases from the group and Russia more than offset losses from Iran , and lowered its forecasts for demand growth for October and next. Output from OPEC members climbed by 127,000 barrels a day in 13 November and Russia ’s production rose 156,000 barrels a day, OPEC said in its monthly report. Russia ’s production fell by 156,000 barrels a day in the period.