Oil's Rapid Run of Declines Kicks Up Pressure as OPEC Gathers - Bloomberg

Oil's Rapid Run of Declines Kicks Up Pressure as OPEC Gathers - Bloomberg:

It’s all eyes on OPEC as U.S. oil prices fell for 10 consecutive days, wiping out any gains for the year.

Futures in New York slid 0.8 percent to settle at $60.19 a barrel on Friday, a day after falling into a bear market on concerns growing supplies will overwhelm the market, as the U.S. offered nations waivers to continue buying Iranian oil. The plunge will push OPEC and its allies into a corner as they gather in a highly-anticipated meeting this weekend that could yield a signal on future production cuts.

“The Iranian sanctions were supposed to be a game-changer in the market,” said Michael Loewen, a commodities strategist at Scotiabank in Toronto. Producers have been “attempting to pump as much oil as possible right now to soften the blow of those Iranian sanctions, yet Trump comes out and gives waivers.”