Thus ended a record-setting month, with crude’s front-month contract plunging by 32.6%, the biggest monthly decline recorded on the Nymex since trading began in 1983.

“The oil market had the biggest change of heart since the tin man in the Wizard of Oz,” said Phil Flynn of Alaron Trading.

And Charles Perry, president of Perry Management, could only comment that, “I think we are all hoping for a more stable market in November, particularly after the election is over.”

Looking ahead, “Demand-side concerns are going to keep oil under pressure and we should find out soon just what price the Saudis want to defend,” said Michael Lynch, president of Strategic Energy & Economic Research. “Clearly, we are below the level that the price hawks, such as Venezuela, would prefer, but the Saudis have not publicly called for a restoration of higher prices.”

Source: Oil advances – But October was biggest losing month ever