Oil down 4 percent as rout runs to 12 days on supercharged selling | Reuters

Oil down 4 percent as rout runs to 12 days on supercharged selling | Reuters:

Oil’s slide accelerated on Tuesday, with U.S. futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and sell offs across other asset classes, including equities.

Oil prices were hit on Monday after U.S. President Donald Trump put pressure on the Organization of the Petroleum Exporting Countries not to cut supply to prop up the market. That came after reports that Saudi Arabia was considering a production cut at the December OPEC meeting, on increased alarm that supply has started to outpace consumption.

“Twelve days in a row is insane - but there are a lot of pieces putting pressure on the market,” said Bob Yawger, director of energy futures at Mizuho.