Oi continues the plunge, WTI slides below $59.00

• US crude has closed lower for a record 11 straight days.
• Despite warnings that OPEC is looking to cut production, Trump tweets are running the show again today, with the US president seeking even lower crude prices.

WTI barrels declined for a record eleventh trading day in a row, clipping into a fresh nine-month low as broader oil markets continue to slide out of sight.

US President Trump tweeted that he hopes OPEC won’t be cutting production numbers next year, and going so far as to say that oil prices “should be lower”, causing crude markets to reverse a previous spike earlier in the day, and sending oil prices back into the basement.

Saudi Arabia and other leading OPEC members are still considering slashing production targets as soon as December, given that the US’ sanctions on Iran are set to drain far less oil from the markets than everybody was concerned about, and OPEC is flashing warning signs that they are going to be constraining supply in an effort to combat Trump’s oil-bearish stance, and keep prices buoyant enough to keep them in a profitable area on the charts.

WTI Technical levels