Oil's record plunge is a 'Made in America' phenomenon, Citi says

Iran waivers and tweets at OPEC producers created glut: Morse

American fingerprints are all over oil’s record losing streak that’s plunged prices into a bear market.

The State Department’s zigzag on Iran sanctions, President Donald Trump’s tweets about OPEC supply, the demand-sapping trade war with China and the explosion of shale oil production are all key factors leading to the collapse in crude prices since early October, Ed Morse, head of commodities research at Citigroup Inc., said in a phone interview.

“The oversupply in the market is a made-in-America phenomenon,” Morse said Wednesday. “It’s the unexpected consequences of American policy and the unintended impact of technological changes that made this