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. West Texas Intermediate for December delivery settled 7.1% lower at $55.69 a barrel on the New York Mercantile Exchange, its sharpest one-day fall since September 2015. Brent crude, the global benchmark, was down 6.6% at $65.47, entering a bear market—defined as a 20% drop from a recent peak. ...
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 this year and next. The price collapse has led to an exodus of investment in oil, with investors fleeing into other commodities such as gold and natural gas. 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 period.