{"id":40452,"date":"2018-11-13T06:29:14","date_gmt":"2018-11-13T11:29:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40452"},"modified":"2018-11-13T06:29:14","modified_gmt":"2018-11-13T11:29:14","slug":"crude-down-record-11th-day","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40452","title":{"rendered":"Crude Down Record 11th Day"},"content":{"rendered":"<header>\n<div class=\"story-header-area\">\n<div class=\"clearfix\">\n<div class=\"story-header\">\n<h3><a href=\"https:\/\/moneymaven.io\/mishtalk\/economics\/crude-down-record-11th-day-jrS18lFhDk2Vxce5TUBO3Q\/\">Crude Down Record 11th Day<\/a><\/h3>\n<\/div>\n<div class=\"photo\">\n<div class=\"renderable jss1115221 Center Original show\">\n<figure class=\"image\">\n<div class=\"jss1115063  picture\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"\" src=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FySOEoQAaW0eqCm2I8QtZBw\" srcset=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FySOEoQAaW0eqCm2I8QtZBw?w=680&amp;q=40&amp;h=440&amp;auto=format&amp;fit=crop 1x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FySOEoQAaW0eqCm2I8QtZBw?w=1020&amp;q=30&amp;h=660&amp;auto=format&amp;fit=crop 1.5x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FySOEoQAaW0eqCm2I8QtZBw?w=1360&amp;q=20&amp;h=880&amp;auto=format&amp;fit=crop 2x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FySOEoQAaW0eqCm2I8QtZBw?w=2040&amp;q=10&amp;h=1320&amp;auto=format&amp;fit=crop 3x\" alt=\"\" width=\"680\" height=\"440\" \/><\/div>\n<\/figure>\n<\/div>\n<\/div>\n<\/div>\n<section class=\"deck\">Crude is down 22% since the early October high. Comments from Trump negated expectations that OPEC would cut production.<\/p>\n<\/section>\n<\/div>\n<\/header>\n<article class=\"story-body clearfix\">\n<div class=\"body\">\n<div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>Please consider <a href=\"https:\/\/www.wsj.com\/articles\/oil-jumps-as-opec-moves-closer-to-cutting-output-1542019255\" target=\"_blank\" rel=\"noopener\">Oil Falls in Longest Losing Streak on Record<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"markdown\">\n<div>\n<div>\n<ul>\n<li>Oil prices notched their longest losing streak on record Monday, as comments from President Trump negated expectations that the global oil cartel and its allies will cut production.<\/li>\n<li>Light, sweet crude for December delivery fell 0.4% to $59.93 a barrel on the New York Mercantile Exchange, marking the 11th consecutive session of losses, the longest in data going back to 1983.<\/li>\n<li>Brent crude, the global benchmark, also closed lower, down 0.1% to $70.12 a barrel.<\/li>\n<li>Saudi Arabia\u2019s Mr. Falih on Sunday also said his country would unilaterally slash its exports next month by around 500,000 barrels a day, compared with November levels. However, Russia\u2014currently the world\u2019s largest oil producer\u2014sent mixed messages on whether it would pull back on supply.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"markdown\">\n<div>\n<div>\n<p><strong>Trump Calls for Lower Oil Price<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div><img decoding=\"async\" class=\"\" title=\"Donald J. Trump on Twitter\" src=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fpbs.twimg.com%2Fprofile_images%2F874276197357596672%2FkUuht00m_400x400.jpg\" srcset=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fpbs.twimg.com%2Fprofile_images%2F874276197357596672%2FkUuht00m_400x400.jpg?w=270&amp;q=40&amp;auto=format&amp;fit=crop 1x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fpbs.twimg.com%2Fprofile_images%2F874276197357596672%2FkUuht00m_400x400.jpg?w=405&amp;q=30&amp;auto=format&amp;fit=crop 1.5x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fpbs.twimg.com%2Fprofile_images%2F874276197357596672%2FkUuht00m_400x400.jpg?w=540&amp;q=20&amp;auto=format&amp;fit=crop 2x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fpbs.twimg.com%2Fprofile_images%2F874276197357596672%2FkUuht00m_400x400.jpg?w=810&amp;q=10&amp;auto=format&amp;fit=crop 3x\" alt=\"Donald J. Trump on Twitter\" width=\"270\" \/><\/div>\n<div>\n<div class=\"renderable jss1115221 Center Large show\">\n<div class=\"jss1115243 jss1115247 message-item renderable url-info\">\n<div class=\"right\">\n<div class=\"link-title\">Donald J. Trump on Twitter<\/div>\n<div class=\"link-description\">\u201cHopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!\u201d<\/div>\n<div class=\"link-icon\">twitter.com<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>\u200b<strong>Sanctions Not Working Out as Expected<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"renderable jss1115221 Center Large show\">\n<figure class=\"image\">\n<div class=\"jss1115063  picture\"><img decoding=\"async\" class=\"\" title=\"\" src=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FG7Z5K5omxEahruoQ1KwfKA\" srcset=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FG7Z5K5omxEahruoQ1KwfKA?w=684&amp;q=40&amp;h=524.064705882353&amp;auto=format&amp;fit=crop 1x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FG7Z5K5omxEahruoQ1KwfKA?w=1026&amp;q=30&amp;h=786&amp;auto=format&amp;fit=crop 1.5x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FG7Z5K5omxEahruoQ1KwfKA?w=1368&amp;q=20&amp;h=1048&amp;auto=format&amp;fit=crop 2x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fmaven-user-photos%2Fmishtalk%2Feconomics%2FzmfATcSa4EegwR7v_znq6Q%2FG7Z5K5omxEahruoQ1KwfKA?w=2052&amp;q=10&amp;h=1572&amp;auto=format&amp;fit=crop 3x\" alt=\"\" width=\"684\" height=\"524.064705882353\" \/><\/div><figcaption><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<div>\n<div class=\"markdown\">\n<div>\n<div class=\"markdown\">\n<div>\n<div>\n<p>At the Abu Dhabi Summit, <a href=\"https:\/\/www.usnews.com\/news\/business\/articles\/2018-11-12\/abu-dhabi-summit-oil-production-cuts-may-be-necessary\" target=\"_blank\" rel=\"noopener\">OPEC says Oil Production Cuts May Be Necessary<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"markdown\">\n<blockquote><p>OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps by as much as 1 million barrels of oil a day, to rebalance the market after U.S. sanctions on Iran failed to cut Tehran&#8217;s output, Saudi Arabia&#8217;s energy minister said Monday.<\/p>\n<p>The comments from the minister, Khalid al-Falih, show the balancing act the U.S. allies face in dealing with President Donald Trump&#8217;s actions related to the oil industry.<\/p>\n<p>Trump in recent weeks demanded the oil cartel increase production to drive down U.S. gasoline prices. &#8220;Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!&#8221; he tweeted Monday.<\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Crude Down Record 11th Day Crude is down 22% since the early October high. Comments from Trump negated expectations that OPEC would cut production. Please consider Oil Falls in Longest Losing Streak on Record. Oil prices notched their longest losing streak on record Monday, as comments from President Trump negated expectations that the global oil [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[1750,184,14648,13390,592],"class_list":["post-40452","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-bear-market","tag-crude-oil","tag-michael-shedlock","tag-mishtalk","tag-oil-price"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40452"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40452\/revisions"}],"predecessor-version":[{"id":40453,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40452\/revisions\/40453"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}