Oil Price Slumps Towards Longest Losing Streak in Over a Year

The oil price is heading towards its longest losing streak in over a year, according to recent data. The slump has been attributed to several factors, including a rise in global supply and weak demand.

Oil prices have been on the decline since the start of 2023, with the Brent crude benchmark falling by more than 10% so far this year. The current losing streak is set to surpass the previous record of 12 months seen in 2016.

Analysts are cautioning that a prolonged period of low oil prices could have significant implications for the global economy. A sustained decline in oil prices can lead to reduced investment in exploration and production, which can ultimately impact supply and drive up prices again when demand picks up.