OIL RECORD SKID
Oil prices fell sharply on Tuesday, deepening a rout that has plunged the energy complex into a bear market as growing supply is poised to swamp demand next year.
The latest drop came after U.S. President Donald Trump urged OPEC and Saudi Arabia to maintain their current policy of gradually increasing output, which helps to cap oil prices. OPEC and its oil market allies are mulling a fresh round of production cuts following a collapse in prices over the last six weeks.
U.S. West Texas Intermediate crude fell $3.05, or 5.1 percent, to $56.88 by 10:44 a.m. ET (1544 GMT), hitting its lowest level since mid-December. Tuesday’s decline extended WTI’s record losing streak into a 12th consecutive session.