The long losing streak in oil prices over the past two weeks was the result of U.S. policies and soaring American oil production, Ed Morse, head of commodities research at Citigroup, told Bloomberg in an interview. Relentlessly rising American oil production, coupled with the U.S. granting waivers to eight Iranian oil customers—including Tehran’s biggest clients China and India—added to the oversupply concerns on the market. On the demand side, the U.S.-China trade war has been hurting global economic and oil demand growth prospects, according to Morse. All these factors combined, along with U.S. President Donald Trump’s latest tweet aimed at OPEC—“Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!”—were the reasons behind the oil price plunge into a bear market. “The oversupply in the market is a made-in-America phenomenon,” Morse told Bloomberg. “It’s the unexpected consequences of American […]