Oil fell for a 12th day, its longest losing streak on record, after U.S. President Donald Trump criticized Saudi Arabia's plan to cut output.
West Texas Intermediate futures in New York sank as much as 2.6 percent, extending a drop of more than 11 percent since Oct. 26. Prices 'should be much lower based on supply,' Trump said in a tweet, after Saudi Energy Minister Khalid Al-Falih said producers need to cut about 1 million barrels a day. Meanwhile, the dollar rose to an 18-month high, hurting demand for commodities priced in the U.S. currency.
WTI for December delivery declined as much as $1.55 to $58.38 a barrel on the New York Mercantile Exchange, and traded at $58.51 as of 10:27 a.m. London time. The contract fell 26 cents on Monday to the lowest close since Feb. 13. Total volume traded Tuesday was about 50 percent above the 100-day average.
Brent futures for January settlement fell $1.57 to $68.55 a barrel on the London-based ICE Futures Europe exchange, after dropping 6 cents on Monday to a seven-month low. The global benchmark crude traded at a $9.88 premium to WTI for the same month.