Brent Crude Posts Its Worst Monthly Loss In A Decade
Brent crude fell the most in at least a decade after Saudi Arabia pumped more oil responding to pressure from U.S. President Donald Trump to keep prices lower.
The Asian benchmark dropped more than 20 percent in November—its highest monthly decline since the financial crisis in October 2008—to trade below $60 a barrel. The U.S. decision to exempt big buyers of Iranian oil from sanctions also aided the drop.
In October 2008, crude had declined 33.5 percent as the global financial crisis affected economies over the world and the demand for oil fell.