Crude oil slide accelerated yesterday, with US futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.
US futures closed down 7.1 per cent, for a record 12th straight decline and the lowest since November 2017.
Reuters reported that more than 980,000 contracts changed hands, as funds shed positions.
Traders said the selling was an extension of Monday’s, which was triggered after US President Donald Trump posted a tweet meant to put pressure on the Organisation of the Petroleum Exporting Countries (OPEC) not to cut supply to prop up prices. Read more