A Day After Entering Bear Market, WTI Posts Record Slide
A worker passes stores of oil drums and gas flares while working aboard an offshore oil platform in the Persian Gulf's Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran, on Friday, Jan. 6. 2017. Nov. 5 is the day when sweeping U.S. sanctions on Iran’s energy and banking sectors go back into effect after Trump’s decision in May to walk away from the six-nation deal with Iran that suspended them. Photographer: Ali Mohammadi/Bloomberg
, Photographer: Ali Mohammadi/Bloomberg
Sophie Caronello, Bloomberg News
(Bloomberg) -- Oil’s slump just got much worse. After entering a bear market on Thursday, West Texas Intermediate crude fell for a record tenth straight session on Friday. Futures in New York settled at $60.19 a barrel, capping a fifth straight week of declines.
To contact the reporter on this story: Sophie Caronello in Washington at scaronello@bloomberg.net
To contact the editors responsible for this story: Sophie Caronello at scaronello@bloomberg.net, Nancy Moran, David Marino
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