Oil is extending its record losing streak to a 12th day

AP/Hasan Jamali

An unidentified oil worker walks in front of a natural gas flame burning off in the Persian Gulf desert oil field of Sakhir, Bahrain.

• Oil prices fell for a 12th straight day Tuesday - the longest losing streak on record.
• President Donald Trump has recently pushed back against Saudi Arabia's plans to increase production.
• Last week, US production hit a record 11.6 million barrels per day.
• Watch oil trade live.

Oil prices fell for a 12th straight session Tuesday, the longest streak on record, after President Donald Trump pushed back against Saudi Arabia's plan to increase its output.

West Texas Intermediate crude oil, the US benchamrk, and Brent crude oil, the international benchmark, were both down by about 2.3%, at $57.55 and $67.37 a barrel.

"Hopefully, Saudi Arabia and OPEC will not be cutting oil production," Trump tweeted on Monday. "Oil prices should be much lower based on supply!"

Late Sunday, Saudi Arabia's energy minister, Khalid Al-Falih, told reporters in Abu Dhabi that the kingdom was going to reduce its oil production by about 500,000 barrels a day in December.

Oil prices have tumbled into a bear market - down at least 20% from their October peaks - amid concerns of growing stockpiles. Earlier in November, the Trump administration granted eight countries temporary waivers from the sanctions it placed against Iran that were designed to cut off its oil from the rest of the world.

And data released last week by the Energy Information Agency showed US oil inventories climbed by 5.8 million barrels in the week to November 2, while production hit a weekly record of 11.6 million barrels per day.

The oil market had already been under pressure since the beginning of October as trade tensions and concerns over rising interest rates weighed.

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