Oil prices fell anew on Tuesday, continuing a slide that has West Texas Intermediate crude in the grips of the biggest losing streak in more than 30 years.
Picking up on losses that heated up in Monday’s extended session, crude for December delivery CLZ8, -1.97% fell $1.43, or 2.4% to $58.51 a barrel. Another down day for oil will mark the 12th consecutive decline, the longest series of losses for the commodity since WTI started trading in 1983, according to Dow Jones Market Data. Monday marked an 11th straight loss for the contract.
After falling into a bear market last week—defined as a drop of at least 20% from a recent peak—a tweet by President Donald Trump on Monday added to oil’s woes, as he voiced disapproval over a potential production cut by Saudi Arabia and OPEC, and said prices “should be much lower based on supply!”