Oil's Rapid Run of Declines Kicks Up Pressure as OPEC Gathers

U.S. benchmark’s tumble persists after entering bear market
Investors are focusing on OPEC meet this weekend in Abu Dhabi

Former U.S. Energy Secretary Ernest Moniz discusses oil markets, sanctions on Iran and U.S. energy policy.Source: Bloomberg

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By Jessica Summers

November 9, 2018 at 2:45 AM UTC

Updated on

November 10, 2018 at 5:01 AM UTC

This article is for subscribers only.

It’s all eyes on OPEC as U.S. oil prices fell for 10 consecutive days, wiping out any gains for the year.

Futures in New York slid 0.8 percent to settle at $60.19 a barrel on Friday, a day after falling into a bear market on concerns growing supplies will overwhelm the market, as the U.S. offered nations waivers to continue buying Iranian oil. The plunge will push OPEC and its allies into a corner as they gather in a highly-anticipated meeting this weekend that could yield a signal on future production cuts.