The price of international crude oil is headed for its seventh weekly fall, making its plummeting prices the longest declining streak since 2001.
The Organization of Petroleum Exporting Countries said it likely needs to ship less crude oil due to the U.S. shale boom, Bloomberg reports.
“Crude oil markets remain stuck in a bear trend and after a period of consolidation the downside gave way as OPEC downgraded the outlook for demand,” Ole Sloth Hansen, an analyst at Saxo Bank A/S, told Bloomberg.
The recent slump hit due to signs that the global supply of crude oil is outpacing consumption levels.
OPEC has pushed back against calls for it to cut production but the U.S. is pumping oil at its fastest pace in more than 30 years.