US oil prices have been losing for over 34 years

NEW YORK (Reuters) – Oil prices in the United States fell nearly 1 percent Friday, briefly below $ 60 a barrel, continuing their longest run of losses in 34 years.

Crude oil prices closed down for the tenth consecutive day, the longest oil price loss in the United States since July 1984, according to Standard & Poor's, down 21% in one month.

After peaking at $ 76.41 in three years on October 3, the US dollar hit $ 59.28 on Friday, the lowest since February, reversing previous expectations that oil prices would hit $ 100 a barrel. Under US sanctions on the Iranian oil sector.

Falling oil prices have raised concerns about global economic growth following the shock of commodity shocks, as well as investor concern over the slowdown in the economy that would dampen demand for oil. # 39; energy.

Michael Tran, director of global energy strategy at RBC Capital Markets, said: "The risks of rising gasoline prices tend to be optimistic until the end of the year."

Despite the recent Wall Street rebound, crude oil prices continued to weaken, with investors betting on price increases triggered by Trump's decision to grant temporary exemptions to eight countries, including India and China , to continue buying Iranian oil. The fifth largest producer worldwide.

President Donald Trump said the move was aimed at easing the impact of sanctions on Iran, which came into effect on Monday. "We will leave oil to the countries that really need it, because I do not want to lower oil prices 100 or 150 dollars a barrel, which could happen very easily."

Trump said prices had fallen sharply recently due to its interventions, but that the price drop was also due to Saudi Arabia, which recently hit 10.7 million barrels a day, and to one production. increased in Texas, US oil production exceeding 11 million barrels per day in August For the first time, surpassing the United States by both Russia and Saudi Arabia as the world's largest oil producer .

Higher production in Texas allowed US inventories to rise by 5.8 million barrels last week, up 3 percent from the five-year average, according to the federal government.

Falling oil prices are worrying investors in the Wall Street energy sector, but some analysts warn that the oil crisis may be short-term. Goldman Sachs and RBC have recently predicted a recovery in oil prices with declining country exemptions. On the prohibition of buying Iranian crude, investors worried about the limited capacity of Saudi Arabia and the United States to increase demand in the future, the Saudi production approaching record levels, while US production in Texas suffers from the entry of pipelines, which will continue until the second in 2019.