Economics

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

Novak says producers shouldn’t be driven by short-term volatility, but by long-term demand.Source: Bloomberg

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By Samuel Robinson

November 12, 2018 at 1:00 AM UTC

Updated on

November 12, 2018 at 10:03 PM UTC

This article is for subscribers only.

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.