Quicktake: Why are oil prices plunging?

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Oil's slide accelerated on Tuesday, with US futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and selloffs across other asset classes, including equities.

US West Texas Intermediate (WTI) crude oil futures were at $55.52 per barrel at 0732 GMT, down 17 cents, or 0.3 percent, from their last settlement.

Oil prices have dropped significantly in recent weeks, with the US benchmark price dipping below $60 per barrel, according to Market Watch.

Canada's oil sector is divided over whether to force a temporary cut to production, with some major producers pushing the controversial idea in a bid to ease a supply glut and halt a steep plunge in prices, according to people familiar with the matter. Now, investors are assessing if the Organization of Petroleum Exporting Countries and its allies will curb production despite President Donald Trump's criticism of the plan.

Crude oil has lost more than 25% of its value since early October in what has become one of the biggest declines since prices collapsed in 2014. However, I am expected in the December OPEC meeting to be the catalyst to give some relief to the falling Oil market as they announce production cuts.

"It's like a run on the bank", said Mr Phil Flynn, analyst at Price Futures Group in Chicago. Brent crude, used to price worldwide oils, dropped to $65.17 a barrel. Brent Crude sank 6.6 percent to $65.47 a barrell.

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In addition, Mr Whitaker is also a close friend of Donald Trump's 2016 election campaign co-chair Sam Clovis. There's no indication that Mr Whitaker intends to recuse himself from the Russian Federation investigation.

The prices of the USA dollar against the Iranian Rial saw a decline of around 10 percent from the closing hours of trading on Saturday until Wednesday - the end of trading in the week.

Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown.

Brent Crude is not down more than 20 percent from its recent high, officially putting it in bear market territory.

Even as the Saudis have promised to reduce output, United States production reached 11.6 million bpd in the most recent week, a new record. Stockpiles in industrialized nations have increased for four consecutive months and are set to jump by 2 million barrels a day next half if current output is maintained, the agency said.

Saudi Arabia's energy minister Khalid al-Falih said on Sunday that the kingdom will reduce exports by around 500,000 barrels a day from November to December.

"Opec and Russian Federation are under pressure to reduce current production levels, which is a decision that we expect to be taken at the next Opec meeting on December 6", said Andersson. Oil is priced in dollars and the USA currency has been strong of late.