Now, we've spoken many times before about the numerous reasons why crude prices can plunge: artificial manipulation from short sellers and institutional monkeyshines, geopolitical tensions, distortions in supply and demand, even outright oversupply - we've seen it all before.
United States futures closed down 7.1 per cent for a record 12th straight decline and the lowest since November 2017.
Global benchmark Brent crudeoil futures were up 51 cents at $65.08 per barrel by 2:29 p.m ET.
Oil prices started retreating on Tuesday after US PresidentDonald Trump flayed Saudi Arabia's call for production cuts and pressed oil cartel OPEC for lower prices based on supply. Brent has lost 25 per cent since peaking at a four-year high in early October. He wouldn't commit to cutting output to help support prices, as some OPEC members have urged, earning them criticism from Trump. Yet its effect on prices is likely to be excessive amid heightened volatility resulting from two new reports with a pessimistic outlook for global demand, from the International Energy Agency and OPEC.
"Crude oil futures succumbed to overwhelmingly bearish pressure amidst ... weaker market fundamentals", said Benjamin Lu, analyst at brokerage Phillip Futures in Singapore. Brent crude, used to price global oils, dropped to $65.17 a barrel.
In August, the price of Brent crude oil has exceeded $75 per barrel.
"The market now increasingly looks concerned about the prospect of too much supply", said Norbert Ruecker, head of macro and commodity research at Swiss bank Julius Baer.
Brent Crude is not down more than 20 percent from its recent high, officially putting it in bear market territory.
Saudi Energy Minister Khalid al-Falih said on Monday the Organization of the Petroleum Exporting Countries agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to prevent oversupply.
Moreover, financial firms have been hedging the risk incurred by selling put options to oil producers, generating added downward pressure as prices fall toward option strikes, Goldman Sachs said in a note. One aspect that might be in play is the amount of Non-Opec oil production with U.S. shale production increasing to record levels for next year.
The U.S. has meanwhile allowed some of its allies - Greece, India, Italy, Japan, South Korea, Taiwan and Turkey - as well as rival China to continue to purchase Iranian oil despite re-imposed sanctions, as long as they work to reduce their imports to zero.
The Palestinian Health Ministry said seven people, including at least five militants, were killed and seven others were wounded. An exchange of fire followed in which local Al-Qassam commander Nour Baraka was killed along with another militant, it said.
The O2 Arena has played host to the ATP Finals since 2009 but their contract is due to expire in 2020. I think if I won here it's more about winning the World Tour Finals and not about winning my 100th".
He went up to block Jeff Teague on a shot near the net and landed wrong on his right leg as it twisted in a gruesome way. With the worst outcome averted for Caris LeVert , that fact alone should give the Brooklyn Nets a boost.
Dinesh Gunawardena, a newly appointed urban development minister, said the president had handed the country back to the people. Now, Sirisena has dissolved parliament and called for snap elections to be held in January.
Reportedly dressed in outfits by designer Sabysachi Mukherjee, the couple's Konkani ceremony began at 7 am (11:30 am IST). One of these will take place on November 21 in Bangalore and the other two at Grand Hyatt on November 28 and December 1.
For the first quarter of 2019, January to March, Kuo believes that Apple will see a year-over-year decline in iPhone shipments. Apple said it preferred to focus on the company's transition to a services company, with regular recurring revenue.
Staff and students at Imperial are being encouraged to hand over their unused antibiotics as part of an annual amnesty. Eventually, they become resistant to the drug , and the infections caused by them become hard to cure.
Kim Kardashian: fire-risk of escape from your own home!
Cher tweeted that her friends' houses had been burned, adding that she could not " bear the thought of there being no Malibu ". "No Calabasas tonight", Kourtney wrote in her Instagram story alongside a photo of suitcases packed in a vehicle trunk.