Crude craters as OPEC signals market is oversupplied

摘要

New York-The oil complex settled sharply lower on Tuesday after a bearish OPEC report exacerbated market concerns of oversupply and reduced demand. ICE January Brent settled $4.65 lower at $65.47/b and NYMEX December WTI was down $4.24 at $55.69/b at market close. WTI prices settled lower on Tuesday for a 12th-straight session, the longest consecutive down streak in contract history. Prompt-month WTI prices have fallen more than 27% from a four-year high of $76.41/b notched on October 3.