Oil prices tanked in Wednesday’s trade, poised to snap their longest run of gains since 2010 after Russia ruled out any proposals to deepen the OPEC-led production cuts.
Oil prices were “exposed to heavy losses on Wednesday after reports of Russia opposing any further supply cuts attracted a school of sellers to attack,” said Lukman Otunuga, research analyst at FXTM, in a note.
August West Texas Intermediate oil CLQ7, -3.93% lost $1.69, or 3.6%, to $45.38 a barrel on the New York Mercantile Exchange, setting it on track for its first loss in nine sessions. A loss around this level would be the largest since mid-June. The contract only traded electronically and didn’t settle on Tuesday due to the Independence Day holiday in the U.S.