Markets fall, oil in record losing streak

Markets mostly fell on Monday.

The S&P 500 plunged 2.0 percent while the STOXX Europe 600 fell 1.0 percent. Asian markets had risen earlier in the day.

Oil fell on Monday even after Saudi Arabia said over the weekend that it would cut its oil production. West Texas Intermediate crude fell for the 11th consecutive session, its longest losing run on record.

Michael Schoonover, portfolio manager at Catalyst Funds, said that “we are seeing the inevitable repricing of stocks that were artificially boosted by flows into passive, low-fee products”.

Craig Callahan, president and founder of Icon Advisors, said oil’s bear market has weighed heavily on the market in general, but that has created buying opportunities for value investors. “I’m considering adding to my holdings in the energy sector,” he said.