Oil Falls Most Since 2015 on Fears of Oversupply. U.S. oil prices fall for a record 12th consecutive day Close .

The Wall Street Journal reports:

U.S. oil prices sank deeper into a bear market Tuesday, posting their steepest fall in over three years and a record 12 consecutive days of losses, as fears of oversupply and weakening demand gripped the market.

West Texas Intermediate for December delivery settled 7.1% lower at $55.69 a barrel on the New York Mercantile Exchange, its sharpest one-day fall since September 2015. Brent crude was down 6.6% at $65.47 a barrel, entering a bear market, defined as a 20% drop from a recent peak.

The tumble in prices is a reversal from earlier this year when anticipation that Iranian sanctions would shrink global supply sent oil prices soaring. That quickly reversed last month as worries about lower demand amid rising production from Saudi Arabia, Russia and the U.S. propelled crude prices lower.

This week, a report from the Organization of the Petroleum Exporting Countries on higher output and a tweet from President Trump added to the downward momentum in prices.

Expect to see lower prices at the pump very soon....