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Oil drops for seventh straight session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Oil prices fell for the seventh consecutive session on Monday as the markets continue to price-in worries about the extended period of excess supply ahead.

    Longest losing streak since mid-2014

    At the time of writing, the WTI Jan futures were down 14 cents or 0.40% to USD 35.48/barrel. Brent futures were down 13 cents or 0.34% to USD 38.19/barrel. The drop today marks the oil’s longest losing streak since mid-2014.

    The fall gained pace after the IEA report released last week highlighted the OPEC’s renewed determination to pursue its policy of defending market share and driven out non-OPEC oil supply. Consequently, the markets are worried the excess supply problem is here to stay for a long time.
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