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Oil Continues Record Slide Despite Saudi Talk of Supply Cuts

  • OPEC and allies urged by Saudis to arrest growth of new glut
  • Weakness in equity markets adds downward pressure to crude
Bloomberg business news
Novak says producers shouldn’t be driven by short-term volatility, but by long-term demand.Source: Bloomberg
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Not even Saudi Arabia’s promise to cut exports was enough to stem oil’s slide.

Futures in New York fell 0.4 percent Monday, extending a record decline. Oil was pulled 2.5 percent lower after the close amid a slide in equities, with President Donald Trump adding pressure with a tweet criticizing the Saudi plan.